What a uturn. “A revolution is underway… Let’s not be mere spectators: become actors in this revolution,” thundered Bruno Le Maire in the most astonishing uturn this space has ever seen.
“Finance is not our enemy, it is one of the assets of our economy!” The minister says before confirming the most radical and innovative regulatory proposal to date. We quote at some length a rough translation:
“The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through “tokens”, cryptoassets.
It promises to create a network of trust without intermediaries, to offer increased traceability of transactions and, overall, to make the economy more efficient…
France has every interest in becoming the first major financial center to propose an ad hoc legislative framework that will allow companies initiating an ICO to demonstrate their seriousness to potential investors.
The Action Plan for the Growth and Transformation of Enterprises (PACTE), which will be presented by the Council of Ministers in a few weeks, will thus open the possibility for the Autorité des Marchés Financiers (AMF) to give a license to issuing companies.
Tokens that meet specific criteria that protect savers. This “white list” will be a valuable benchmark for investors who want to finance serious projects that create value. Clarifying the law to attract innovation, identify risks without hindering our ecosystem, that’s our approach.