Cryptocurrency

The French Treatment of the Crypto – Warning: HIGH INTENSITY AHEAD.

Disclaimer: Many will claim that adjectives can kill an article, and I couldn’t agree more, but I can say for sure now: there are exceptions. It is impossible not to rely on them when speaking of France and the French. So sit back and enjoy the explosion of culture & cryptos. ❤

Extravagant France! It has the third-largest economy in Europe and the sixth-largest in the world.

It hosts the 4th-largest number of UNESCO world heritage sites. The nation receives over 83 million visitors a year making it the leading tourist destination.

                 Arc de Triomphe, Paris, France-Photo by Willian West on Unsplash

Secularity defines the nation, a characteristic of the country, a clear separation between religion and the affairs of the state.

“France is an indivisible republic, secular, democratic and social.” — Constitution

It is mostly located in Western Europe with a population of 67,348,000 million (October 2018 estimate). Paris is the capital and largest city in the country. Marseille is the second-largest city in France, considered by many one of the most dangerous cities in Europe. The country also has serious feces cases: dog-poop-cases that is.

France in the hands of current president Emmanuel Macron, who previously served as a Minister of Economy, has been on a mission to transform itself into a sanctuary for business, including cryptocurrency.

                                           Paris, France. Photo by John Canelis on Unsplash

The extremes the country displays are clearly tangible all around its culture (the people, the government, etc.). It is well-seen with sophistication towards art, literature, music, cinema, fashion, architecture, gastronomy, economy, and yet, on the other end of the rope, we see drastic issues with violence and filthy streets countrywide.

                                 Comédie, Montpellier, France– Photo by Pierre Herman on Unsplash

Could this extraordinarily intense nation successfully embrace another extreme such as the cryptocurrency blockchain ecosystem? Absolutely. It seems as though with France it’s all or nothing, no in-between. And it hasn’t been any different with Cryptos. France is making cryptocurrency skyrocket in the country.

The president´s interest in cryptocurrency doesn’t come as a surprise, as a former telecom executive, he has always supported and displayed an interest in IT innovations as a means to improve French Administration and to expand the national economy since his Èlysée Palace days.

“I want France to be a startup nation. A nation that thinks and moves like a startup.” — Emmanuel Macron at Viva Technology

Macron launched PACTE, Action Plan for Business Growth and Transformation to make it accessible for businesses to operate in France, and also to create proper and legal guidelines for token fundraisers (ICOs), amongst other things.

Back in October 2017 — December 2017 The AMF(Autorité Des Marchés Financiers) handled a research based on public consultations with 82 total institutional investors, bank representatives, academics, digital businesses, financial professionals, in pursuit of achieving better definition of ICOs and tokens, similar to the one presented by Swiss FINMA back in February, 2018.

The AMF took this position to conduct research because it had identified the absence of CLEAR regulations and disclosures in reference to the treatment of ICOs. France wants cryptocurrency affairs to be TRANSPARENT to traders and investors so they can make well-informed decisions.

A lack of clarity is “An inherent risk factor of ICOs.” — Said Bruno Le Maire The Minister of Finance in France, who once had a negative point of view of the crypto industry and is now an encourager of the technology.

So, from the consultations, the new legislative law on ICOs was born on September 12th, 2018. The legislation allows AMF to approve, support and issue permits to businesses wanting to conduct ICO projects in France.

Bruno Le Maire also explained — “….only if such projects provide specific guarantees for investors, they will have to provide full disclosure to AMF allowing buyers to make informed decisions about such ICOs.”

Tweet Translation: “Article 26 adopted in committee #PACTE!

 

A legal framework for #ICO is created. The @ AMF_actu will be able to issue a visa to the actors respecting criteria of protection of the savers

This legal framework will attract innovators from around the world #blockchain #DirectAN”

“… (the legislation) provides a definition of tokens, indicating that a token is intangible property representing, in numerical form, one or more rights that can be issued, registered, conserved or transferred using a shared electronic registration mechanism that facilitates the identification, directly or indirectly, of the owner of said property.” — Kramer Levin Law Firm in reference to the new legislative framework for ICOs in France

In between events, back in July 2018, the French Administration cut cryptocurrency tax by more than half — from 45% to 19%, such bold move to promote the advancement of crypto and the blockchain ecosystem within the nation.

All of these audacious moves, France is not trying to miss in action they are making moves to catapult and attract more startups. As mentioned above, Macron has been on a mission to make France a business harbor, and without prejudice that beautifully includes the cryptocurrency community.

“ I WANT THIS COUNTRY OPEN TO DISRUPTION.” — Macron on Forbs May 31st 2018

President Macron has always set the bar pretty high for himself as well as for the nation he represents. His success has often silenced many of his critics. According to crowdfundraiser.com Mr. Macron and I quote “…has promised to reconcile individual entrepreneurship and social solidarity, digital transformation and traditional industries, startups and large corporations.”

Wow! A French President indeed, his determination gives his supporters the confidence to stand by his views and support with extravagant-pragmatic-French-style-trust.

UNICEF FRANCE is accepting donations in cryptos now with 9 different crypto options to choose from.

“Cryptocurrency and blockchain technology used for charitable purposes offer a new opportunity to appeal to the generosity of the public and continue to develop our operations with children in the countries of intervention.” — Executive Director UNICEF FRANCE Sebastian Lyon

Tweet Translation: “Did you know @UNICEF_france accepts donations with 9 #cryptocurrencies”

                                                        Paris, France. Photo by delfi de la Rua on Unsplash

Tobacco Retailers will start accepting bitcoin in 2019 to bring retails to the forefront of the crypto industry, according to Ig.com this is a Keplerkinitiative.

“Tobacco shop owners are the best channel as they are trusted by customers and they are used to sell vouchers such as credit for mobile phones.” — said Keplerk’s strategy and development director, Adil Zakhar.

Though France has been intense towards regulating and being inclusive of the cryptocurrency and blockchain technology, it is not all peaches and cream. The Nation is working on every angle possible to make sure the industry functions with transparency within their country, and it will not take scams lightly as it is the case with Alexander Vinnik, a 38 year old Russian charged by the French Police of laundering 133$ million euros using 20,643 Bitcoins. And according to ccn.com, Mr. Vinnik will be prosecuted by other countries for at least 4$ Billion Euros in money laundering, but France will be the first to indict him.

Conclusion

France is ready and equipped to become the leading cryptocurrency hub in Europe! Switzerland and Malta better watch out!

“I was a neophyte a year ago, but now I’m passionate, but it took me a year, so let’s do a lot of pedagogy with our fellow citizens to make France the first place in the world. blockchain/cryptos innovation in the EU @BrunoLeMaire

Let us know your thoughts in the comments.

The Winco Team

You might want to check out 16 THINGS YOU ALMOST CERTAINLY DIDN´T KNOW ABOUT FRANCE.

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