France to Attract Crypto Investors with Regulation Approval
France is reportedly trying a middle ground approach to addressing risks brought by the deluge of cryptocurrencies being issued every month by taming it with regulation.
The French government says that it will back cryptocurrencies issued in the country as long as the companies issuing them agree to be regulated.
While the move may increase the trustworthiness and credibility of virtual currencies, thereby attracting more investors from the public, the government will also be taxing any profits. However, Fabrice Heuvrard, an auditor working with a joint government-industry task force drafting accounting rules for ICOs in France, says that the crypto community is ready to pay taxes as long as they are not confiscatory.