French Insurance Providers Can Now Invest In Crypto Thanks To New Law

France just passed a new crypto law where it says that the insurance providers in the country are free to invest in cryptocurrencies.
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According to the latest cryptocurrency news coming from France, the new law was passed on April 11 by the National Assembly of France.

The foreign exchange news agency FXStreet reported that the bill is designed to promote local blockchain business development.  The new crypto bill also aims to include redirecting savings from business to individuals and vice versa. Also, according to Reuters, the National Assembly of France voted 147 in favor of the new law and 50 against.

The act is known as ‘’ Plan d’action pour la croissance et la transformation des entreprises’’ which will allow all of the insurance providers of the country to invest in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) without limiting them on the amount.

The FXStreet local media outlet wrote that a dual provision of the new law will enable the insurance providers to invest in crypto via specialized professional funds. The act will also allow them to offer life insurance policies and another kind of policies with the option to pay it with crypto. The new law will heavily impact (in a good way) the professional capital investment funds.

The budget manager of Emmanuel Macron’s party Joel Giraud confirmed the news. The representative from the La République En Marche claims that this new crypto initiative ‘’was not the primary objective of the Pacte’’ like many of the local media posted.

The crypto bill focuses mainly on privatization processes, selling the state’s stake in the ADP airport group so it will be able to gather more money for an innovation fund.

Back in March, the head of the Finance Committee of the National Assembly proposed a ban to anonymous cryptocurrencies such as Zcash and Monero. There is no update on the decision so make sure to read one of the best cryptocurrency news sites to keep in touch!