France seems to be one of the most progressive countries with its plans of introducing cryptocurrency regulations to police several aspects of the industry. The latest cryptocurrency news show that the French authorities have urged the European Union (EU) to establish region-wide standards for virtual currency governance.
With the EU preparing to make significant progress in this regard, it appears that the country is deciding to take its own first steps on the matter. Meanwhile, the financial regulatory authorities in France say that they will continue to watch the controversial Facebook Libra cryptocurrency project.
As Reuters reports, the French authorities are apparently ready to unveil a regulatory framework for cryptocurrencies. These regulations will apparently cover initial coin offerings (ICOs), exchange platforms, wallet providers as well as custodians and virtual investment fund managers. The initiative has been reported by many best cryptocurrency news sites.
Meanwhile, France has always been keen on taxing tech companies and as such, the new regulatory paradigm will also impose tax lows. All in all, the framework which is set to go live appears to provide robust governance for the tax, legal as well as regulatory provisions – all of which are necessary for the effective policing of the country’s crypto industry.
When it comes to ICOs, the French authorities are apparently in talks with some companies looking to launch their projects in the country. The altcoin news show that ICOs have come under increasing scrutiny across many jurisdictions with concerns mainly revolving around the sale of unlicensed securities. Therefore, ICO fundraising has also suffered a major decline since the highs seen in 2017 and 2018.
All of these regulations also put a pin in reports of a potential cryptocurrency ban in France. As several major stakeholders in the government and within the regulatory bodies called for a crypto prohibition, the country is not sure in which direction it will move in the near future. The main concerns, as the coming altcoin news show, are seen over tax evasion, money laundering and the other usual anti-crypto soundbites.
Aside from the countries of Japan and South Korea, a lot of large economies have yet to put forth concrete governing structures for crypto commerce in their respective countries.
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