France in the process of releasing regulation pertaining to ICOs

ICOs have become immensely popular all over the world, raising billions of dollars for a number of different blockchain technologies. Observing this process, governments are unable to hold back from setting up regulations against such forms of fundraising due to its private nature, which allows anyone to invest any amount of money. Following the trend of other countries, France is all set to release regulations related to the sale of tokens or Initial Coin Offerings (ICOs). This has been reported by the domestic financial market regulators of France.

Robert Ophele, the president of Autorite des Marches Financiers (AMF), discussed the issue of regulations with the business magazine, Challenges. He explained that his agency is aimed at formalizing the regulations around the blockchain technology, as it is becoming increasingly popular among the investors in France. “We want to get a quick position on the issue," he told the publication.

Currently, it is unclear whether France is pro blockchain or anti. After the rules have been released, France will become the latest country to release regulations related to cryptocurrency and a framework to guide startups which are seeking to raise capital through ICOs.

In the recent months, China and South Korea are some of the countries that have strongly opposed cryptocurrencies and banned the raising of funds through them. Whereas, Canada has taken a more neutral approach to it.

Ophele, the president of AMF had a balance tone while discussing the position of regulators regarding cryptocurrencies, stating that the blockchain technology posed both a challenge and an opportunity. He said, "[cryptocurrencies] can very easily be the receptacle of all that one wants to avoid: tax evasion, money laundering or the financing of terrorism. But it also meets more legitimate needs for cash transfers in a fast and cost-free way in the world."