France is planning on generating a legal structure to raise funds with the help of cryptocurrency. According to the Finance minister, the country is aiming at becoming the biggest platform for digital currencies and offerings.
Mr Bruno Le Maire, the finance minister of France commented on a French website that the ex- officials of Central Bank of France had seeked for a rough draft to prepare the legal structure of the sector.
“France has every interest in becoming the first major financial center to propose an ad-hoc legislative framework for companies making an Initial Coin Offering”, Mr Le Maire stated.
In an Initial Coin Offering, a company raises funds by giving the customers tokens in exchange of cash or crypto. This is the difference between traditional offerings where shares are acquired in the same way in exchange of cash.
Le Maire had stated that the written documents for the proceedings will be submitted to the government by a month’s time. And the documents will put up a proposal to the Autorité des marchés financiers, the market regulators, to produce tokens for the fund raising. They shall also keep in mind, the security and protection of the investors while doing so.
“This ‘white list’ will provide a precious reference for investors who want to finance serious projects,” said Le Maire. In addition to this a humongous number of opportunities will be provided to the startups during the whole tenure of raising the funds.
Le Maire clearly stated that their aim is to seek entry in the world of twenty-first century finances by assuring the investors all the security and protection that they need.
“we should not miss out on the blockchain revolution”
The Financial head and Central Bank officials of the biggest economies of the world, meeting in Buenos Aires this week, did order monitoring over the sector but has not detailed the action plan in doing so.