PARIS: France's financial watchdog is poised to approve a first tranche of cryptocurrency-related companies under new rules on digital coins, some of the first such regulations to be launched by a major economy.
"We are in talks with three or four candidates for initial coin offerings ," she said, referring to companies that raise funds by issuing digital tokens. The watchdog is also in talks with several other cryptocurrency exchange platforms, custodians and fund managers, she added. Global scrutiny of cryptocurrencies has grown since Facebook unveiled plans last month for its Libra digital coin. The entry of the social media giant to cryptocurrencies has raised concerns among politicians and financial watchdogs in the United States and elsewhere over privacy, consumer protection and the potential for systemic risks.
France is using its presidency of the Group of 7 economic powers to launch a task force to look at how central banks can ensure digital currencies like Libra are regulated.