Report on the French regulation of crypto-currencies: “it is neither desirable nor necessary to directly regulate the industry”

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It seems that for the former Deputy Governor of the Bank of France, Jean-Pierre Landau, regulation from crypto-currencies remains unthinkable. He suggests regulations recommended in the young sector and grants licenses to crypto-stock exchanges, according to the report he sent to the Minister of Economy and Finance, Bruno Le Maire .

A single approval without regulation for crypto-scholarships

Cryptocurrencies have long subsisted without regulation. However, in view of their growing adoption, governments around the world are considering regulating them.

Jean-Pierre Landau was commissioned by the Minister of the Economy and Finance to set the regulatory trail around the virtual currency last January. His report was given to Bruno Le Maire on Wednesday, July 4 and disclosed to the general public the next day.

“We must probably agree to live temporarily in a certain ambiguity,” he said. “Early regulation could expose France to many risks. Therefore, direct regulation is neither desirable nor necessary at this time. It would oblige to define, to classify and thus to rigidify essentially moving and still unidentified objects. “

While the nation tends to take advantage of crypto-markets, it risks freezing evolving technology in a limited environment, which would encourage “regulatory evasion”. The talents of the industry as well as businesses related to virtual currencies could flee the burdensome regulatory environment to migrate to more hospitable countries . Also, “the regulation must be technologically neutral. “

The issue of regulation will obviously be raised in the future G20 Finance in Buenos Aires on July 21st and 22nd.

Jean-Pierre Landau, Governor of the Banque de France,

A Label for Initial Coin Offering (ICO)

Alexander Stashchenko, the co-founder of Blockchain Partner and the portal, welcomes the efforts of Jean-Pierre Landau. However, he believes that regulating the industry is necessary to avoid a flight to foreign countries.

“Our ICOs are relocating to Switzerland , our investors are going to Portugal , the dApps to Berlin, and our brains to the United States,” he said. “In addition, the label of the Autorité des Marchés Financiers (AMF) should reassure traditional partners without restraining innovation. The AMF aims at adopting an optional visa procedure guaranteeing the subscribers the integrity of the process presiding over the ICO as well as a case-by-case assessment of the nature of the tokens. It should be effective in September, “says Stashchenko, although it will take much longer before a regulation is effective. “

Promote the Blockchain with the Olympics 2024

Jean-Pierre Landau concludes his report on a bold proposal. He advocates the more direct promotion of the Blockchain and the digitization of assets during the Olympic Games.

“The Olympic Games of 2024 offer the opportunity to go further: it is proposed, to reach a wide audience, that part of the ticketing of these games is digital through tokens issued on a Blockchain. “

Blockchain technology should be separated from crypto-currencies. This would make it possible to “streamline, make more transparent and moralize a secondary market that is always very active for events” such as the Olympic Games. The idea of ​​Landau seems interesting, but its perspective is still distant.

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What do you think of the recommendations of the former deputy governor of the Banque de France? Tell us your opinion in the comments section below.

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