French Regulatory Body Elaborates About French Share In Global ICO Market

AMF or l’Autorité des marchés financiers, French financial market regulators, on 14th November said that the Initial Coin Offerings Industry in France formed only a small part of the global ICO market.

The study goes on to elaborate that since 2014, the global ICO market accounts for 19.4 billion euros which are approximately 21.8 billion USD where most of the started since 2016 and gained momentum, rapidly in 2017 and during the first three quarters of 2018.

The report says that while France has been able to raise only 89 million euros which are approximately 100 million USD in 15 ICO projects altogether, most of these ICOs were carried out in the United States. Calculations say that France accounted for only 1.6 percent of the global equity financing in 2017.

The AMF further said that several local ICO projects had the intention of integrating with other industries and were expected to reach up to 180 million euros which are approximately 202.6 million USD and about how this new way of fundraising which small companies how to preserve it was an extremely crucial one. They also stressed on the importance of consolidated and effective anti-money laundering requirements in order to ensure and safe and protected sphere with a certain level of transparency. They elaborated about the action plan for business growth and transformation bill which was the most recent initiative by the French Ministry for Economy and Finance and was in the French Parliament for examination. This bill also termed as PACTE concerned itself about ICOs. It was just last week that the Finance Committee of the French Parliament’s lower house had proposed tax amendments that would make taxes on crypto sales equal with income taxes by reducing them from the current 36.2 percent to 30 percent starting from Jan. 1, 2019.