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| September 26, 2018

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French Cops Seize 20 Tons of Mini Eiffel Towers

September 21, 2018 |

French authorities have seized more than 20 tons of mini Eiffel towers as part of a crackdown on the illegal sale of souvenirs. Nine people, including wholesalers, were arrested in connection with the sale of the trinkets, which are often sold near tourist attractions in the French capital by undocumented…
Newser

New French Law Sets Out Guidelines For ICOs

September 14, 2018 |

New Law In France Sets Out Guidelines For ICOs

After slashing taxes on profits made from cryptocurrency trading by more than half, France has now implemented a new legal framework for initial coin offerings (ICOs). Is Europe’s third largest economy transforming into a haven for cryptocurrency?

Also read: Faced With Cash And Forex Shortages, Zimbabweans Turn To Bitcoin – Even When It’s Banned

French Lawmakers Adopt Legal Framework For ICOs

French lawmakers have passed a law setting out guidelines for initial coin offerings (ICOs), Finance Minister Bruno Le Maire has announced.

Mr Le Maire said on Twiitter that Article 26 had been “adopted in (parliamentary) committee”, as part of French President Emmanuel Macron’s broader plans to improve business growth and transformation.

“A legal framework for ICO is created,” he said, in translation. “This legal framework will attract innovators from around the world #blockchain…”

New Law In France Sets Out Guidelines For ICOs

The legislation enables the French financial regulator Authorité des Marchés Financiers (AMF) to approve and issue permits to businesses intending to float ICOs in France – but only if “those projects provide specific guarantees for investors.” Issuers will be expected to give full disclosure to the AMF, allowing buyers to make informed decisions about the ICO. The French regulator has previously raised concern over the lack of clear regulation on token sales “as an inherent risk factor of ICOs”, heightening the possibility of loss, money laundering and terrorist financing.

In an initial coin offering, companies raise money by creating new digital coins and offering them to the public for sale.

ICOs imitate initial public offerings common with stocks, but without the rigour of regulatory oversight, which in a sense makes them attractive to start-ups keen on getting around bureaucratic red-tape.

New Haven For Cryptocurrency?

Under President Macron, France is trying to transform itself into a haven for business, including the business of cryptocurrency. Earlier this year, Mr Macron launched the Action Plan for Business Growth and Transformation (PACTE), which, among other things, aims to make it easy for companies to operate in France, and to lay out legal guidelines for fund raising via token sales.New Law In France Sets Out Guidelines For ICOs

The AMF began public consultations leading to the new law on ICOs – passed September 12 – some months back. In July, the French administration cut the cryptocurrency tax by more than half to 19 percent, in a move largely viewed as positive for the development of crypto and the blockchain ecosytem in the world’s sixth largest economy.

Explaining the new legal framework in June, law firm Kramer Levin said: “… (the legislation) provides a definition of tokens, indicating that a token is intangible property representing, in numerical form, one or more rights that can be issued, registered, conserved or transferred using a shared electronic registration mechanism that facilitates the identification, directly or indirectly, of the owner of said property.”

Will France become a new home for cryptocurrency? Let us what you think in the comments section below.


Images via Shutterstock.


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The post New French Law Sets Out Guidelines For ICOs appeared first on Bitcoin News.

Bitcoin News

French Minister Quits Live on Air, Exposing Tensions in Macron’s Coalition

August 28, 2018 |

A key figure on the left of Emmanuel Macron’s governing coalition quit as environment minister, undercutting the French president’s efforts to calm leftist supporters restive over his pro-business agenda.
WSJ.com: What’s News Europe

French President Macron has plenty of fun at World Cup final

July 15, 2018 |

In a stadium packed with presidents watching the World Cup final, no one had as much fun as Emmanuel Macron.
FOX News

Macron Tries to Shore Up Support for French Economic Overhaul

July 12, 2018 |

French President Emmanuel Macron summoned both chambers of parliament to the ornate Palace of Versailles to defend his first year in office, rejecting claims that his pro-business agenda favors the wealthy.
WSJ.com: What’s News Europe

TMZ

French Midfielder Zinedine Zidane ‘Memba Him?!

July 10, 2018 |

Zinedine Zidane is best known as the French midfielder who notoriously received a red card for headbutting the Italian defender, Marco Materazzi, 12 years ago during the 2006 World Cup Finals in Germany. Guess what he looks like now!

TMZ.com

Notorious French Inmate Makes Brazen Helicopter Prison Break

July 1, 2018 |

A notorious French criminal serving 25 years for murder made an audacious escape from prison Sunday after several heavily armed men landed a helicopter in a courtyard, freed him from a visiting room and carried him away. Per AP , it was the second daring escape by Redoine Faid, who once…
Newser

French Butchers Have Beef With Vegan ‘Terror’ Campaign

June 28, 2018 |

Graffiti, smashed windows, even shops splattered with blood. This is the “terror” being set upon meat purveyors in France, the head of the French Federation of Butchers tells the BBC , all part of a campaign by vegans to intimidate “in their aim of making a whole section of French culture…
Newser

French Executive at Toyota Makes Nearly Triple Japanese CEO’s Pay

June 26, 2018 |

Toyota Motor’s highest-paid executive got a pay increase of millions of dollars, and he now makes nearly three times as much as his boss.
WSJ.com: What’s News Asia