French Finance Minister Bruno Le Maire confirmed that parliament has finally introduced a new legislative framework for ICOs, which gives them legal status.
In practice, new legislation passed yesterday requires businesses wishing to conduct an ICO to submit an application to the French Securities and Exchange Commission. Only those projects that provide certain guarantees to investors will receive permission to carry out coin offerings.
The new law will come into force as part of a series of reforms that are being promoted in parliament by President Emmanuel Macron. As part of the election campaign, Macron promised to implement a program called PACTE (“Plan d’action pour la croissance et la transformation des entreprises”). This program will stimulate a more favorable environment for business in France.
Although some of the reforms have been criticized, it should be noted that the news about the introduction of legal regulations for ICOs was received positively. A representative of the French cryptocurrency fund NapoleonX ICO said that these changes will be contribute to increasing confidence in the new investment model.
According to icoexaminer.com
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