The regulation of blockchain and cryptocurrencies is not within the competence of a single body. Among the subjects involved in the regulation of relationships, the most active are The Financial Markets Authority (AMF) and The French government, represented by the Ministry of Economy. Overall, there have been no contradictions in approaches of various regulators that could lead to serious legal conflicts.
Definiteness of Legal Regulation
The legal relations associated with the use of blockchain and cryptocurrencies are regulated by various legislative acts and regulators' decisions. A number of rules are specifically designed to regulate blockchain, in which France takes special pride, some segments apply legislation by analogy, as well as pan-European legislation.
The regulatory framework in France is formed by PACTE, which regulates ICOs and digital asset providers. At the same time, there is no legislation in France in the field of smart contracts, mining or taxation, and the status of cryptocurrencies is not clearly defined.
Stability of Legal Regulation
The legislative process cannot be said to be complete. It is reported that the government is preparing ICO taxation standards, and the status of cryptocurrencies, smart contracts and mining remains unresolved in the country.
Adequacy of Legal Regulation
Overall, the French government is currently working to establish an enabling regulatory framework for crypto business and blockchain technology development. The main feature (and pride) of French regulation is its legislation regulating the scope of blockchain that introduced in the legal terminology the definition of "blockchain" and "distributed ledger technology". However, there are problems with ICO taxation, cryptocurrency banking support etc.