France Gives Way For Trading Unlisted Securities Using Blockchain
One of the unexpected effects of Brexit is the shift of financial services outside of London. Unexpected for the "leave" campaign, anyway, because for anyone else this was a clear consequence for UK leaving the EU.
As part of this growing trend which aims at attracting more fintech companies, we've seen Switzerland claiming the title of "Crypto Valley" (Ethereum is registered as a foundation in Zurich, if you didn't know that) and, more recently, we are seeing France following suit.
According to this news by Reuters, France now allows trading of unlisted securities using blockchain. In layman terms, this means (or I think it means) that fintech companies could set up exchanges which will allow cryptocurrencies to trade without passing through the usual regulations necessary for listed securities.
France Finance Minister, Bruno Le Maire said, quoted approximately in the news above:
the new rules would be “another asset for Paris’ attractiveness as a financial center” as the sector seeks to put itself on the fintech map, where London currently looms large.
More crypto exchanges in Europe will greatly help this scene, me thinks.
A bon entendeur, salut!
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Big news. I wonder how the stock exchanges hope to compete with the low cost startups? It's going to be a wild west environment but I cant wait for some big companies to move on to a blockchain so that anyone can buy a share or fraction of one. Thanks
Being married to an englishman, but we live in Belgium, Brexit comes many time on the table. I still have my doubts if it all will work out right, not only finances moves out, but loads of compagnies. I do understand that the english wanted a brexit, thinking very simple, but if i agree with it i do not know. But i am ever so curious how that is going to effect a lot in europe.
I work for a London based company so obviously this come up a lot in my life as well. Many people in UK still don't believe it will actually happen. On the other side of the channel, though, many people think it will and they kinda look forward to it. Look at France, for instance, there is a lot of money that have to relocate.
From what i understood, companies will be allowed to trade assets using blockchain technologies. But the details of the laws (decrets d'applications) are not published, yet.
We shall wait for the details, it seems, but the tone of voice was favorable, IMHO.
yes because I am sure they have invented a way to get taxes from transactions.
Forget crypto kitties, be prepared for crypto baguettes :)))
Hahahahahah brilliant! Crypto stereotypes : )
I hope Dragos's french followers won't mind my silly joke :)
Oh, la, laaa :)
big news
Great post.thanks.
This is a great move and will definitely deepen the people's faith in blockchain and cryptocurrencies.
Will taxes be applied to these new start up companies?
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Looks like it's time for my to accumulate crypto as fast as I can so I can find a VPN and change my location to France. Probably shouldn't be posting this online, but me thinks the reward will be worth the risk.