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This chapter examines France’s innovative regulatory approach to Initial Coin Offerings (ICOs) within the broader context of European financial governance. France’s optional ICO framework, introduced in the 2019 PACTE law, balances market facilitation with investor protection, distinguishing it as a pioneering effort amid fragmented EU approaches. Developed collaboratively by the AMF (Autorité des Marchés Financiers) and the Ministry of the Economy and Finance, this regime seeks to attract high-quality ICO projects while mitigating risks. The chapter analyses the political economy dynamics underpinning this approach, highlighting France’s strategic intent to influence EU crypto-asset regulation. Using a historical institutionalist lens, it explores the interplay between national priorities, EU integration ambitions, and domestic political entrepreneurship. While the French framework has seen limited uptake, it served as a blueprint for the EU’s Markets in Crypto-Assets (MiCA) regulation, reinforcing France’s position as a regulatory leader in financial innovation.

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Regulating Initial Coin Offerings (ICOs): The Political Economy of Crypto-assets Regulation in France

  • 章节

  • 发表日期：

    2025年

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  • Daphnée Papiasse

摘要

This chapter examines France’s innovative regulatory approach to Initial Coin Offerings (ICOs) within the broader context of European financial governance. France’s optional ICO framework, introduced in the 2019 PACTE law, balances market facilitation with investor protection, distinguishing it as a pioneering effort amid fragmented EU approaches. Developed collaboratively by the AMF (Autorité des Marchés Financiers) and the Ministry of the Economy and Finance, this regime seeks to attract high-quality ICO projects while mitigating risks. The chapter analyses the political economy dynamics underpinning this approach, highlighting France’s strategic intent to influence EU crypto-asset regulation. Using a historical institutionalist lens, it explores the interplay between national priorities, EU integration ambitions, and domestic political entrepreneurship. While the French framework has seen limited uptake, it served as a blueprint for the EU’s Markets in Crypto-Assets (MiCA) regulation, reinforcing France’s position as a regulatory leader in financial innovation.