This amendment was initially proposed by some members of the President’s party, La République En Marche (LREM). The members who proposed this amendment were Eric Bothorel, Christine Hennion, and Valeria Faure-Muntian.
The Goal of the Proposal
It has been reported that this proposal is aimed at making the preexisting legal framework more flexible and accommodating for all crypto related projects in the country. The amendment is also expected to allow Cryptocurrency innovations across the country to receive approval from the main stock market regulator in France, Autorité des Marchés Financiers (AMF)
A report on the role of the AMF states that:
“Each actor will be free to ask for it. But it is clear that obtaining this license will be a guarantee of credibility and seriousness.”
The AMF Licensing
As a result of this, the AMF will be charged with giving licenses to qualified crypto projects looking to launch an Initial Coin Offering (ICO). The agency will be in charge of regulating the operation of these companies and make sure that all their actions are in line with the set guidelines.
The French Finance Minister, Bruno Le Maire, has further made it known that this move by the government is targeted at “attracting investors from all over the world” to France.
This moves by the French Government has been received a warm welcome from several notable influencers of the Cryptocurrency industry.
With France being a developed nation with one of the best economies in the world, crypto investors are surely going to take advantage of this new amendment to set up shop in the country. With time more countries like the USA and UK specifically are expected to follow in this step.