France Adopts New Cryptocurrency Regulation

The French government has adopted a financial sector bill that establishes a legal framework for cryptocurrency service providers and initial coin offerings. The bill includes both optional and mandatory licensing, and also specifies the types of funds that can invest in crypto assets.

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Pacte Bill Adopted

France’s Financial Markets Authority, the Autorité des marchés financiers (AMF), published on Monday details of the newly adopted bill which regulates the country’s crypto industry. The final text of the Action Plan for Business Growth and Transformation (Pacte) law was adopted on April 11 at its final reading by the French Parliament. It establishes a legal framework for digital asset service providers and initial coin offerings (ICOs), as well as strengthens the powers of the AMF as the regulator of the crypto industry.

The bill was launched on Oct. 23, 2017, and presented to the council of ministers on June 18 last year…