France Pushes Europe to Remove Obstacles on Crypto Blockchain

paris financial district

France’s SEC or FCA, the AMF, has identified a number of obstacles in a report that they say is a strategic priority to remove. They ask the European Commission to develop a European digital strategy for financial services and propose the EU should “allow the issuance and exchange of financial instruments on blockchain (“tokenization”) by eliminating existing legal obstacles.” In a very first suggestion of its sort by a regulator, they identify a number of issue that have previously been raised by participants in this industry. We quote a rough translation at some length: “Following an in-depth legal analysis, the AMF identified several legal obstacles to the development of blockchain securities: (i) the need to identify a blockchain manager acting as a settlement system, which excludes de facto decentralized securities trading platforms on blockchains and, more generally, the use of public blockchains which are based on a decentralized consensus and…

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