France Calls on EU to Adopt Its Cryptoasset Regulations
Written by Mark Knowles
France will call on the European Union to adopt a regulatory framework for cryptoassets “inspired by the French experience”.
French Finance Minister Bruno Le Maire made the remarks during a speech at the Paris Blockchain Week Summit.
“I will propose to my European counterparts the setting up of a unique framework for regulating cryptoassets, inspired by the French experience. We will also continue to encourage work on this subject at the G20 level,” said Le Maire in a subsequent tweet.
His statement follows French parliament’s April 11 approval of a law that includes rules aimed at attracting cryptoasset issuers and traders to France by “giving them some official recognition, while ensuring the country can tax their profits,” according to report by Reuters.
The law, known as the Plan d’action pour la croissance et la transformation des entreprises (PACTE), will allow French insurance providers to invest in cryptoassets without a limit on the size of their investment.
Le Maire expounded on the French government’s ambitious blockchain strategy in an interview with financial news outlet Capital, published on April 15:
“With the recent adoption of the PACTE Act, we have already taken important steps to promote the development of blockchain in our economy. We have put in place an unprecedented and attractive legal framework for token issues and digital asset service providers,” he said.
“Over the next five years, the state will invest 4.5 billion euros in breakthrough innovations, including blockchain technologies. It is an important commitment. The goal is to take a technological lead to be able to fight, French and European, against the Chinese and American technological giants. We also have a tax and accounting framework adapted to the specificities of cryptoassets. We will begin the second phase of this strategy, aimed at facilitating the appropriation of blockchain technology in all sectors of the economy,” he added.