The Mayor pleads for a european regulation of the blockchain

PARIS (Reuters) – France, a pioneer in the definition of a legal framework for the “blockchain,” and the cryptoactifs based on this technology, account weigh to set an eu-wide regulation, said Monday Bruno Le Maire.

“I’m going to (…) to propose to my european counterparts the establishment of a single framework for the regulation of cryptoactifs inspired by the French experience (…) at a european level”, stated the French minister of Economy and Finance at a conference on the “blockchain” at Bercy.

This would lead to “a single market of the ‘blockchain’ as there are other single markets in other areas,” he estimated.

If France has progressively put in place from 2017, in a regulation, “welcomed at the international level”, the guidance will not be effective to create conditions of fair competition “that if we are able to also put in place a regulation at european and international level”, emphasized Bruno Le Maire.

For full that it is in the financial sector, the French frame still needs to evolve to encourage the use of this technology in other sectors of the economy, such as the industry, has, however, observed the minister.

“Changes to our legal framework will certainly be necessary to enable the adaptation of this technology to other areas,” said Bruno Le Maire, by advocating for a framework “as attractive as possible, which allows both to accompany, to facilitate and regulate.”

France allows since end of 2017 the use of the “blockchain” for the transmission of certain financial securities are not quoted, which represent 2,000 billion of assets, according to Bruno Le Maire.

The fiscal framework applying to the transactions for the disposal of cryptoactifs has also been clarified in the Finance bill 2019.

The law Covenant, enacted last week, is putting in place a legal framework for the emissions cryptomonnaies (ICO, or initial offerings of chips). This system, designed to protect investors and reassure investors, is based on the granting of an authorisation by the Autorité des marchés financiers (AMF), to the issuers volunteers.

(Myriam Rivet, edited by Sophie Louet)