France Has Approved Its First ICO
AMF (‘Autorité des marchés financiers) approved an ICO a few days ago. However, the approval was conditional. The conditions are in line with regular best practices worldwide. It likewise exhibits the necessity of simple rules for cryptocurrency space activities.
The purpose of the new rules is to secure issued digital assets and ensure that issuers comply with standard procedures against money laundering, Know-Your-Customer practices and legal registration in the country.
The U.S. is still lagging behind in crypto regulations while Asia has established its rules and regulations. Those interested in joining the crypto space are limited as several governments are yet to establish the right framework.
France is going to follow the path of Germany as regards allowing anything related to cryptos. The country has introduced new taxes against technology firms based in the U.S. and it shows they have a rift. The establishment of the new regulations is telling the U.S. to wake up and to introduce new crypto regulations.
The steps of the European countries to support cryptos show their willingness to fill in the gap for the United States while China has come up with new standards. It seems they are going to be the leader of the cryptocurrency domain worldwide. Europe has accommodated cryptocurrencies and its nations have their rules regarding crypto-related entities. However, the nations could still reach consensus at the European Union level.
France has been independent on this. This is likewise the first ICO to be approved by France and is expected to be heldbetween March 1, 2020, and June 1, 2020.
This first approval of an ICO in France increases the likelihood of adoption in the cryptocurrency space. Besides, the cryptomarkets worldwide will mature.
Featured image courtesy of Shutterstock. Source: Cryptopress.