France passes new crypto law

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France has amended financial regulations to create a legal framework for crypto services and initial coin offerings (ICOs). The new crypto law defines licenses and funds allowed to invest in crypto.

The draft, released in the Official Journal of 18 December 2019, contains both optional and compulsory licenses and details the types of funds that can invest in cryptographic assets. It approves amendments to the General Regulation issued by the country’s financial market authority Autorité des marchés financiers (AMF).

The new crypto law provides details on service providers for digital assets, including right to the account, conditions of canvassing, definitions of different digital asset services and registration or approval. The decree completes the legal framework for token issuers and digital asset service providers, established in the law on the Action Plan for Corporate Growth and Transformation (PACTE).

Under the legislation, digital asset service providers are to be licensed and supervised by the AMF. Its provisions cover a wide array of crypto services, including custodial services, brokerage and trading as well as offering the “the purchase or sale of digital assets in exchange for legal tender or other digital assets.” The new crypto law also details how ICO issuers can apply for AMF approval if they meet certain requirements. The issuer must be legally incorporated or registered in France and provide information on the token, project and the company, among other requirements.

(Source: Le Monde du Droit)

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