The Autorité des marchés financiers (AMF) announced that it is in talks with several virtual fundraisers (ICOs) and owners of crypto trading platforms, reports Euronews.
“France is a forerunner. We will have a legal, fiscal and regulatory framework. We are negotiating with three or four candidates for ICOs and several other cryptocurrency trading platforms, custodians and fund managers,”said Anne Marechal, director of legal affairs at the AMF.
The startups and companies approved by the French regulatory body will have to follow certain guidelines such as complying with regulatory capital requirements, protecting investors and paying their taxes in France.
While smaller countries, such as Malta, have already put a fairly strong regulatory framework around cryptocurrency in place, France is one of the first major economic powers to adopt specific rules for this area.
Last month, France, which holds the G7 in 2019, has created a working group to help central banks to ensure that stable cryptocurrencies like Libra, Facebook’s future digital coin, complies with the regulations in force.
More recently, Benoit Coeure, member of the Executive Board of the European Central Bank (ECB), called on regulators to look into the Libra project as soon as possible.