According to foreign media reports, the French financial supervisory agency is preparing to approve the first companies related to cryptocurrencies in accordance with the new digital currency regulations. France's introduction of digital currency regulations is also leading in the world's major economies.
According to the new rules that will come into effect at the end of this month, digital cryptocurrency-related companies will voluntarily comply with capital requirements and consumer protection standards and pay taxes in France in exchange for regulatory approval.
Anne Marechal, executive director of legal affairs at the French Financial Markets Authority (FMA), said: “France is a pioneer in this regard. We will have a relevant legal, tax and regulatory framework.”
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Marechal also said: "We are negotiating with three or four ICO candidates." ICO refers to raising funds by issuing digital tokens. She added that FMA is still negotiating with several other encrypted digital currency trading platforms, custodians and fund managers.
Currently, digital cryptocurrencies are subject to sporadic rules around the world, and technology is largely unregulated. Although some smaller countries, such as Belarus and Malta, have introduced specific laws, major economies tend to apply existing financial rules.
Since Facebook announced its Libra digital cryptocurrency program last month, the global review of digital cryptocurrencies has increased. Take Facebook Libra as an example, raising concerns about privacy, consumer protection and potential systemic risks in US and other politicians and financial regulators.
At the same time, companies and industry associations associated with digital cryptocurrencies have called for regulation of the industry, in part because of a desire for legal clarity.
Frederic Montagnon, co-founder of LGO, the digital cryptocurrency platform in New York, said: "When you are an entrepreneur, the worst situation you may encounter is to establish a place without supervision. Enterprises, then see the unfavorable regulatory framework imposed later, endangering your entire enterprise.” LGO is a New York-based cryptocurrency platform that chose to do ICO in France.
Currently, France is using its rotating chairmanship of the Group of Seven to set up a special working group to study how central banks can ensure that digital currencies like Libra are regulated. European Central Bank (ECB) policy maker Benoit Coeure will present a paper on this issue at the G7 finance ministers meeting in Chantilly, northern Paris, this week. Initial report.
Last year, in the context of the booming ICO, Paris first proposed regulations to attract digital cryptocurrency publishers to France. Then, hundreds of new cryptocurrencies are issued each month to raise billions of euros.
But since then, ICO has fallen sharply as issuers of digital cryptocurrencies have turned to other forms of financing, such as initial transaction issuance (IEO), where issuers raise funds through digitally encrypted trading platforms and exchanges. (Tencent Technology Review / Breeze)