France’s financial regulator is all set to approve the first batch of cryptocurrency firms under its new rules. The new crypto rules for France will come into effect later this month.
As per the new crypto rules for France, companies will voluntarily comply with the regulations on capital requirements and consumer protection and will pay taxes in France. They will do all these in exchange for the approval of the regulator. The regulator is in talks with 3 or 4 candidates who wish to hold their ICO in the country. In addition to the ICOs, the regulatory organization is also in touch with custodians, fund managers, and crypto exchange companies.
Many cryptocurrency firms welcome the idea of regulation because it means they can operate within clear boundaries and rules. France, which currently holds the Group of Seven (G7) presidency, is also set to create the group taskforce on stablecoin projects, including Facebook’s planned cryptocurrency, Libra.