After some negotiations with cryptocurrency companies, a regulatory, legal and fiscal framework that supports the use of these currencies in France could be established
A few days ago, the French financial regulator announced that they are prepared to approve the operation of some companies dedicated to the marketing and use of cryptocurrencies.
In this regard, the Executive Director for Legal Affairs at the Financial Markets Authority, Anne Marechal commented that France will become the first country in the world that will have a regulatory, completely legal and fiscal mechanism that will help establish the operation of the crypto market in the country.
He also mentioned that this leads to a specific set of measures that will lead to certain advances in cryptocurrency. Therefore, they are in important meetings with several ICO facilitators (Initial Cryptocurrency Offers) to assemble a structure. In addition, there are other conversations with exchange companies that are dedicated to the exchange of these assets, as well as fund managers specialized in cryptocurrencies and platforms that support the custody of digital currencies.
It is not new that some European countries have made changes in their regulation by incorporating cryptocurrencies into the global financial market. Recently, adjustments and regulations have emerged in these countries due to the suggestions issued by the FATF, which gives a series of recommendations that would help different countries of the world to act according to the changes that cryptocurrencies bring to global finance.
According to data from some news portals related to cryptocurrencies, the United Kingdom has made some important changes to its regulations, in order to build a plan that helps prevent financial crimes related to cryptocurrencies, as well as reducing their inappropriate use.
Other countries such as Malta, Belarus, India and Canada have made constant efforts to constantly regulate cryptographic activity, but despite this, not everyone has adequate regulation of industry changes and they are unaware of their potential for the various other financial markets.
Some experts indicated that after the announcement of the launch of Libra by the social network giant Facebook, some countries have taken more measures to help keep the cryptocurrency’s financial markets regulated. Therefore, it has caused a great boost for the definitive legalization of digital assets in some countries of the world.
The new presidency of France in the G7 could help establish certain multidisciplinary working groups so that the central banks of the member countries form a legal strategy that is aimed at a better mode of action for better control of digital assets.
For this reason, the representative of the European Central Bank, Benoit Coeure, issued a preliminary report about the legal project for these assets, in the framework of a meeting of Finance Ministers incorporated into the G7, in the Country.
In the middle of last year, France conducted an important regulation of ICOs that allowed the government to collect millions of euros. But despite this, the crypto market has had great changes; as many currencies are not issued as happened last year, which has led to a drastic drop in revenue. It is for this reason that changes and regulations must be made constantly and, thus, the state could obtain a great benefit from these new technologies.
By María Rodríguez