Paris Embraces ICOs in an Incredible Uturn
France is bidding to become the most friendly jurisdiction for ICOs as their Ministry of Finance prepares to rush legislation that will create a voluntary regulatory framework according to local media.
“Our goal is to provide legal certainty for those who seek it, without hindering those who want to follow their own path. We have a rather liberal approach.
We work for a flexible, non-dissuasive framework. At the same time, we are not naive either, we know that these products can be risky,” sources from the Ministry of Finance, or as the French call it due to its location, Bercy, told local media.
AMF, the French Financial Conduct Authority (FCA), is planning to take an innovative approach of incentivized regulations.
The framework for ICOs will probably take the form of an optional authorization scheme, with or without a license issued by the AMF.
Those that want a license will have to provide guarantees to investors, but unlicensed ICOs will not be banned with France thus taking a very different approach from any regulator so far.
It stands in stark contrast to the Securities and Exchanges Commission (SEC) which has merely extended centuries old discriminatory laws to 21st century innovation. With a SEC division considering even cloud mining purchases as securities.
Paris has also seemingly beaten London to it, although we can’t imagine even FCA would have been this forward looking.