Under President Macron, France is trying to transform itself into a haven for business, including the business of cryptocurrency. Earlier this year, Mr Macron launched the Action Plan for Business Growth and Transformation (PACTE), which, among other things, aims to make it easy for companies to operate in France, and to lay out legal guidelines for fund raising via token sales.

The AMF began public consultations leading to the new law on ICOs – passed September 12 – some months back. In July, the French administration cut the cryptocurrency tax by more than half to 19 percent, in a move largely viewed as positive for the development of crypto and the blockchain ecosytem in the world’s sixth largest economy.

Explaining the new legal framework in June, law firm Kramer Levin said: “… (the legislation) provides a definition of tokens, indicating that a token is intangible property representing, in numerical form, one or more rights that can be issued, registered, conserved or transferred using a shared electronic registration mechanism that facilitates the identification, directly or indirectly, of the owner of said property.”

Sourced through Scoop.it from: news.bitcoin.com