Bpifrance, a French public investment bank, is looking to support initial coin offerings. According to a report in Les Echos, the leading French business newspaper, Bpifrance wants to be ready to support “cryptomonnaies” before the Pact law goes into effect.
It was announced earlier this year, that the French legislature was creating bespoke rules to enable ICOs to take place in a semi-regulated environment. The Pact Act is expected to be delivered to the French Council of Ministers this month and Parliament in the fall. The legislation is predicted to go into force by early 2019.
Philippe Mutricy from Bpifrance says;
“We have a lot of questions about” ICOs “, start-ups are asking us our opinion, venture capital funds are asking us what we do in this area, it’s a big movement.”
The report ads that the bank has established an internal working group work out the roadmap to support ICOs. Murticy says that, yes, there are a lot of scams but this new type of funding is valuable and will continue to grow.
Bpifrance is still working out the details and they may finance projects in either Euros or tokens. They just want to be ready to support the ecosystem as soon as the regulations are public.
“In the next three years, ICOs will become a commonplace element and given their riskiness we will end up in situations that we know well: new market failures will appear. There will be room for a public actor like Bpifrance.”
The Autorité des Marchés Financiers has previously indicated it will regulate some ICOs but not all. AMF approval is not necessary for issuers to proceed.