Talk about a PIVOT! France? Yes, the French finance minister Bruno Le Maire has “just” realized that there is a revolution underway in the way blockchain has changed the way capital is raised. To quote; “Finance is not our enemy, it is one of the assets of our economy!” “The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through “tokens”. WOW! So, rather than look for ways to inhibit (aka regulate) the growth of innovation in the crypto-asset revolution, the French finance minister wants Paris to become the first truly large financial center to encourage initial coin offerings (ICOs) and token capital raising. He envisions clarifying laws to attract innovation and identify risks WITHOUT smothering their own ecosystem. I am stunned. France becoming a leader in innovative finance? Impressive. Nations are starting to realize they need to get on board the new crypto express. Viva Le France.
(Bill Taylor/Managing Partner)
“What a uturn. “A revolution is underway… Let’s not be mere spectators: become actors in this revolution,” thundered Bruno Le Maire in the most astonishing uturn this space has ever seen.
“Finance is not our enemy, it is one of the assets of our economy!” The minister says before confirming the most radical and innovative regulatory proposal to date. We quote at some length a rough translation:
“The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through “tokens”, cryptoassets.
It promises to create a network of trust without intermediaries, to offer increased traceability of transactions and, overall, to make the economy more efficient…
France has every interest in becoming the first major financial center to propose an ad hoc legislative framework that will allow companies initiating an ICO to demonstrate their seriousness to potential investors.
The Action Plan for the Growth and Transformation of Enterprises (PACTE), which will be presented by the Council of Ministers in a few weeks, will thus open the possibility for the Autorité des Marchés Financiers (AMF) to give a license to issuing companies…”