IOC issuers have the option to obtain the approval of the Financial Markets Authority (AMF). Unapproved ICOs are subject to marketing restrictions, although no ICOs are forbidden in France for lack of a visa.

Optional visa for ICO issuers

PACTE creates a new category for regulated digital asset services providers. They can obtain an optional license to gain certain legal rights and help market their services. 

Regulated intermediaries providing digital asset services

PACTE altered rules to enable professional funds and private equity funds to invest in digital assets. Private equity funds are now able to invest up to 20% in digital assets.

Modified rules applying to alternative investment funds (AIF)

- Optional visa for ICO issuers regulating primary token emissions
- Regulated intermediaries providing digital asset services
- Modified rules applying to alternative investment funds (AIF)

University of Minnesota - Twin Cities

PACTE is a business regulation law that was passed by the French government on May 22, 2019. It contains several provisions related to cryptocurrencies.

Action Plan for Business Growth and Transformation (PACTE)

Barsan, Iris M., Regulating the Crypto World - New Developments from France (December 22, 2019). RTDF 4/2019, pp. 9-30, Available at SSRN: https://ssrn.com/abstract=3484391 or http://dx.doi.org/10.2139/ssrn.3484391

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