France Announces Bill to Allow Insurance Providers to Invest in Cryptocurrency and Tokens

The French insurance market can now invest in cryptocurrencies after the adoption of a new law, FX Exchange news agency reported on April 11th.

On April 11, the French People's Assembly passed a law stimulating the development of local businesses, including redirecting savings from individuals to businesses, local news agency Les Echos said. According to Reuters, the National Assembly voted 147 votes in favor and 50 votes.


Known as the "Action Plan for Growth and Enterprise Transformation" (Pact), this law would allow French insurers to invest in cryptocurrencies like Bitcoin (BTC) without limiting investment.

According to FXStreet, the dual clause of the law allows insurers to invest in cryptography through specialized professional funds and enables them to offer shelter life insurance exposed to crypto. The new measure will also affect professional investment funds.


Joel Giraud, deputy, and director of the budget of Emmanuel Macron, the Republic of March, confirmed this news, pointing out that the new initiative on cryptography "is not the main objective of the Covenant," according to the technical information page of TrustNodesa.


The bill is primarily directed at the privatization process, including the sale of state property in the ADP airport group, to raise funds for a new fund for innovation.

Earlier in March, Eric Woerth, chairman of the National Assembly Finance Committee, proposed banning anonymous cryptocurrencies such as Monero (XMR) and ZCash (ZEC).


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