France presses ahead with crypto-law – government opens the door for institutional investors

the last week, the French Parliament adopted the PACTE, the much-discussed law on Investment. For the first time, this also regulates the handling of crypto-currencies in France. In addition to requirements for the issuance of new currencies, the trade and the taxation of this PACTE opens the door for institutional investors such as the multibillion-dollar insurance industry in the crypto sector. Finance Minister Bruno Le Maire wants to introduce the law of the European Union as a model for similar legislative initiatives. He also promises billion for the further development of Blockchain technologies.

By David Barkhausen
16. April 2019BTC$5.114,23 -1.09%part Facebook Twitter LinkedIn xing mail

Around one and a half years ago, after practicing the French deputies to the draft, the much-discussed law on Investment: How the French financial newspaper, Les Echos reported, adopted by the French Parliament last Thursday, the 11. April, the action plan for the growth and Transformation of businesses PACTE.

in addition to a range of new regulations for the financial sector, the law regulates for the first time, the handle of crypto-currencies in France. Here, PACTE takes both the release of new crypto-currencies (ICOs), as well as the trade with these in the view. For both areas, the law provides for a voluntary certification of the company. In the future, publishers, dealers, and investors of crypto to currencies in the case of the French market surveillance authorities will be able to register and possible profits from your transactions to be taxed.

PACTE opens Enthusiastic door for institutional investors

For crypto, hope to see an increasing adaptation of digital currencies, is likely to look forward to at the law in addition, another new feature.

Because PACTE makes the way free for institutional investors. On the new rules in the future, such as the billion-dollar insurance industry may be allowed to give their money to a wide range of investment funds. This should, in turn, can be relaxed conditions, and in crypto-currencies to invest.

While this was the Motivation behind the new law, however, the customers of the Assure could put your money in the future in crypto-equipment, explains the Deputy Joel Giraud.

This was not the primary objective of PACTE. However, insurers now have the opportunity to offer products, which are based on crypto-systems,

the financial Rapporteur of the national Assembly from President Emmanuel Macrons party La République En Marche.

insurance policies in France are a popular investment

insurance policies constitute a popular Form of investment and old-age security. Alone, France's market for life insurance should include according to current estimates, a total volume of up to 2.2 trillion euros. This France power behind the United Kingdom's second largest insurance market in Europe.

What is the impact the law has on the industry, is still unclear. Whether the French insurance companies to entrust the future of money crypto-Fund customers to the appropriate product packages to offer, or the French investors are open to corresponding risks, in the light of the current volatile crypto-market to be seen.

En Marche wants country-wide privatization toast

in addition to the new rules for the Blockchain and crypto-range PACTE, which was adopted with a wide backing from 157 to 50 votes by the national Assembly to propel the privatisation of the public sector in France.

This is one of the stated main objectives of the President of Macron and his party En Marche. The party newcomer can count in the French Parliament by an absolute majority and, therefore, have enormous weight in the adoption of new laws.

Finance Minister Bruno Le Maire, with a view to the impact of the new law towards journalists in the past week convinced:

This is a law that will help our economy and ourselves for the future is to prepare.

Otherwise, this looks to be the Opposition. You criticized PACTE, which provides for the full privatisation of the airport group ADP. This is currently to a large extent in the state.

Finance Minister Le Maire wants to propose PACTE and the EU as a model and promises billion

criticism, with a view to the Changes for crypto-Investments, however, can be found in the public debate around the law.

Here will go to Finance Minister Le Maire now even a step further. At an event in Paris, he announced this week, the French regulatory variant of the European partners as a model to propose:

I will propose to my European partners to create a single regulatory framework for crypto-systems, inspired by the French experience. Our model is the right one.

Among the member States of the European Union is currently seeking in vain for a uniform law responses to the global Boom of crypto-currencies.

In an Interview with the French financial news Capital Le Maire also reiterated the French commitment in the area of Blockchain: France will invest in the coming years, up to 4.5 billion euros in the development of new technologies. So they wanted to encounter, especially the Chinese and American domination.

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