Bruno Le Maire (pictured below), the minister of economy and finance, first introduced a legal project back in June of last year called ‘Pacte, the Action Plan for Business Growth and Transformation’.
The project outlined various initiatives intended to make things easier for SMEs (small to medium-sized enterprises) in particular.
In the action plan, a desire was expressed to better facilitate access to ‘diversified funding’; within this section, entitled ‘Better funded, more innovative companies’, ICOs were mentioned specifically.
“Public listing, investment capital, crowdfunding and ICO”
The plan states: “Companies currently lack the equity capital essential to their development.
The PACTE will facilitate access to diversified funding (public listing, investment capital, crowdfunding and ICO). It will orientate French citizens’ savings towards companies’ equity capital to fund future growth and innovation.
The Action Plan will provide companies with the resources they need in order to innovate. It will enable researchers to set up companies with the minimum of difficulty and simplify patent filing procedures for SMEs.
If France decides to go ahead with the initiative, it will join the ranks of only a handful of countries in Europe (and indeed the world) that’ve taken steps to create a hospitable regulatory environment for ICOs, cryptocurrencies and the wider blockchain community.
Switzerland, Gibraltar, Malta… France?
Countries that have so far established themselves as ICO havens include Switzerland, Gibraltar, and Malta.
These are places where the government has chosen to adopt a relaxed attitude toward cryptocurrencies and token sales.
As such, many blockchain projects from all around the world choose to launch their respective ICOs in these areas.
Countries that are able to introduce decent regulatory frameworks which allow them to collect some taxation from token sales or more specifically cryptocurrency transactions of all kinds, have experienced an economic boost.
As such, France would do well to seriously consider taking heed of Le Maire’s action plan.