France adopts cryptocurrency regulation; asks EU to follow suit

France adopted cryptocurrency regulations last week and is now encouraging EU countries to do the same, Reuters writes.

A newly approved financial sector law includes issuing certification for cryptocurrency issuers and traders. In turn, if companies register in France and benefit from French regulations, France will be able to tax their revenue. By giving cryptocurrencies official recognition, Paris hopes to establish a market for blockchain companies.

“I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience,” French Finance Minister Bruno Le Maire spoke at a blockchain event in Paris.

Although the European Commission has launched a feasibility study that looked into cryptocurrency market regulations, the introduction of new legislation before the new term is unlikely.