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France have announced the approval of their first batch of cryptocurrency-related companies reports Reuters.
The announcement will see crypto companies in France following standards on capital requirements and consumer protection as well as tax laws in the country, in order to gain approval from the regulator.
Executive Director for Legal Affairs at the Financial Markets Authority (FMA), Anne Marechal commented on the news saying "France is a precursor. We will have a legal, tax and regulatory framework." Marechal also mentioned that there are currently talks for four candidates to run Initial Coin Offerings (ICOs) as well as several cryptocurrency exchange platforms, custodians, and fund managers.
The news is a big shift in adoption for a major economic powerhouse such as France, who has previously taken a bold stance against digital assets in the country.
France is also currently looking at how they can regulate digital currencies such as Facebook's Libra in the future. European Central Bank policymaker Benoit Coeure is set to talk to the G7 finance ministers this week and deliver a preliminary report on the matter.
France are taking steps in the right direction to offer cryptocurrency services under regulated and controlled conditions in order to protect citizens. The move is most definitely a step in the right direction for European nations towards implementing digital asset services in the future.