When it comes to crypto-based projects, France hasn’t always been regarded as one of the best nations for investors and businesses to consider. However, there’s a change in the wind and it may well alter your perception entirely.
As a country, France has always kept itself on the periphery with initial coin offerings (ICOs) and blockchain advancements.
However, in recent news, the French Treasury has started to recognise the positive need for ICOs. In short, they believe that it can help balance innovation and toxic investments in the ICO field. As a result, the Autorité des Marchés Financier (AMF), the French Financial Markets Regulator, has prioritised ICO regulation in 2018, with future developments to come.
So what does this mean?
Deciphering the AMF report
In the annual AMF report, it reads: “…This work – which resulted, in particular, in a public consultation of the AMF at the end of 2017 on the different management options for ICOs – aims to change the French regulatory framework and to feed European and international working groups on these subjects.”
The AMF report also revealed that the AMF has launched a programme which will provide support to businesses and carry out research of ICOs called UNICORN (Universal Node to ICO’s Research & Network).
This programme is designed to give businesses a framework to work off and give the crypto-community more transparency and protection from cases of fraud.
Further developments within France also indicates that the AMF will also start encouraging academic research on ICOs and will launch awareness-raising campaigns to make new ICO investors aware of the risks involved before partaking.
In 2017, the AMF released a paper asking decision-makers how they want ICOs to be regulated. A majority of the 82 who responded voted for a specific and regulatory framework, but with the new regulation being non-compulsory.
What does the future hold?
In the future, we should see a document released including information informing buyers of tokens about the ins and outs of investing, the advancements planned and any rights that they have.
This should then make France a very transparent and safe place for innovators to start creating some of the best crypto-based projects.
In fact, the international multinational company, International Business Machines Corporation (IBM), have already announced that they are aiming to create 1,800 jobs in France over the next two years to keep up with the growing development of blockchain technology.
France is seeing this as a giant step towards establishing itself as a “centre of excellence” in the field of artificial intelligence and blockchain.
What are your thoughts on France acting as the global capital of ICO? Is it possible? Or do you think this is just a small step to keep the country competing with other European leading countries?
Let us know your thoughts below.