France’s New Blockchain Law Affects Banks Who Snub Crypto Startups
Apr 25, 2019 08:40 AM EDT
- France's new crypto law grants blockchain-related projects the right to a bank account, provided they opt in to being regulated
- There's an optional certification or "visa" for ICO projects as well as crypto services providers such as exchanges and custodians
- The new law paves the way for French life insurance and private equity funds to get more exposure to crypto assets
- All of this is a far cry from the U.S.
Among developed countries, France's new approach to regulated cryptocurrency and blockchain companies can fairly be described as avant garde.
In perhaps the most striking example, the regulatory framework drafted by Autorité des Marchés Financiers (AMF), the country's financial markets overseer, aims to remove a longstanding point of contention faced by such startups: banking relationships.