French Lawmakers Call For Cryptocurrency Regulations in the EU Countries

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"I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience", Le Maire said. Already this Monday the finance minister of the country, Bruno Le Maire stated that France will push the regulation agenda of cryptocurrencies to persuade its partner countries of the European Union to follow their lead and adopt the same regulatory framework.

Just last week France adopted the first regulatory framework for governing crypto-asset intermediaries.

According to a translated transcript of the minister's interview with a French business magazine published by Trust Nodes, Le Maire said that the development of the blockchain ecosystem is a priority for the government.

Last week France became the first "major nation" in the world to sign into law comprehensive rules created to, "tempt...cryptocurrency issuers and traders to set up in France by giving them some official recognition while ensuring the country can tax their profits", Reuters reports. He also reportedly said that the French model "is the right one".

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The specific requirements companies need to abide by to get the regulatory stamp of approval are still to be defined by government decrees.

This contrasts with the regulation from the rest of the world. After all, cryptocurrencies are either banned or unregulated in most parts of the world.

The certification will be issued by the French market regulator, Autorité des marchés financiers, to professional custodians, traders, and investors.

Since many companies are using token fundraisers to get capital, France could grab a slice of this emergent market by effectively regulating it while giving it some oversight, which could help the market to run a more smooth course, in the opinion of the government. According to Reuters, the new law will attract crypto traders to the Western European country. Unfortunately, no legislation should be expected before the end of 2019 and or even 2020. However, the investors will not be reimbursed for their loses, as they are reimbursed for traditional investments by the compensation funds.

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