Crypto, Revolutionized: New French ICO Regulation on Its Way

Today, the Assemblée Nationale is initiating a debate about a legal project introduced last June by the Minister of Economy and Finance, Bruno Le Maire, which contains some relevant changes for the French regulatory framework with regard to crypto assets and ICOs, together with many proposals aimed at sustaining the development of "Liberated companies that are better funded, more innovative and fairer."

France: A new house for ICOsIn fact, France was never an early-starter in this field: For instance, the projects financed by ICOs promoted by companies based in France currently make up only a fraction of the ones which chose to set their headquarters in Switzerland or in tiny countries such as Singapore or Gibraltar.

The French press already disclosed some rumors about an amendment proposed by three MPs to extend the certification system to all the business activities dealing with crypto digital assets - i.e., exchanges, consultancies and intermediaries.

Even with some flaws, the new scheme would create a milestone for France and perhaps even for Europe.

Even before the release of the UNICORN report the Financial and Monetary Code encompassed some new articles, paving the way for a first acceptance of blockchain into French legislation.

In spite of some concern about the French government's orientation which arose as a consequence of Landau's appointment - who is also known for some critical stances against Bitcoin-mania - during the Buenos Aires G20 in March 2018, the Minister of Economy and Finance was very direct in terms of calming the need for France to join the crypto revolution.

To the revolution, with esprit de finesse So, is France ready to lead Europe toward the new paradigm of the blockchain economy, effectively competing against the Crypto Valley, the Crypto Island and the Crypto Harbor? As a matter of fact, Le Marie's proposals are far from becoming law, as the French legislative process requires that both Houses review and approve an identical version of the texts submitted by the government.

Finally, France would need to cope with EU monetary and financial watchdogs that, until now, haven't shown a particularly favorable orientation toward the blockchain ecosystem and, especially, toward ICOs.Nevertheless, the new French attitude features many notable elements.

It is interesting to note that the French decision makers are approaching the challenge of the crypto revolution in a rather original way: France has tackled some of the technological paradigm shifts of the past decades - nuclear energy, petrochemicals, information and communications technology - stressing elements such as centralization and strong regulatory schemes.

Minitel - heavily dependent on government support and based on proprietary technology - found itself unable to deal with the competition of the 'globally open' internet and began its retreat in the mid-'90s. Perhaps starting the race for the crypto revolution far from a lead position will allow France to achieve a better observation point, helping the decision makers to avoid the temptations of technological grandeur and stimulating them to match the regulations with the characteristics of the needs of the blockchain.