What Does France’s New Crypto Bill Look Like?

The National Assembly of France adopted a new bill that is designed to encourage and allow new businesses in the country to invest in cryptocurrencies. It states that French insurance markets can now invest in cryptocurrencies, once this becomes the law.

This bill will allow local businesses to redirect savings from individuals to businesses. Reuters reported that the Assemblee Nationale voted 147 in favor and 50 against for the bill titled “Plan d’action pour la croissance et la transformation des entreprises,” (Pacte). It translates to “action plan for the growth and transformation of enterprises”.

What’s exciting is that there is no upper cap or limit on the amount of investment that insurance providers in France can make with regard to cryptocurrencies. Joel Giraud, deputy and budget manager of Emmanuel Macron’s party La République En Marche, has also confirmed that the act allows insurers to invest in crypto through specialized professional funds, and enables them to provide life insurance policies in relation to crypto.

So it turns out, that allowing insurance companies to invest in crypto “was not the primary objective of the Pacte, but insurers will be able to offer products based on crypto assets. They will be able to do so through specialised funds,” says Giraud,

The bill is a strong statement againt the process of privatization, as it enables local businesses to flourish. It also makes way for the sale of the state’s stake in airports group ADP so as to raise funds for a new innovation fund.

It’s a great step forward for crypto which is gradually gaining greater mainstream recognition.