At the end of last year, the French Financial Market Authority (AMF) approved ‘French ICO’ to commence the first regulated, initial coin offering in France. French ICO is a company that offers a platform for fundraising crypto-assets. As that approval expired on June 1, 2020, let’s review how successful the first French ICO was.
The First French ICO Explained
It would be difficult to say that France is a socialist country, as many TV pundits would have you believe. France has a mix of socialist and capitalist elements like most countries in the world, including the USA. What is more important to note is that France has a powerful centralized state apparatus that guides the flow of all commerce.
Nonetheless, France was among the first EU nations to adopt new digital technologies. In April 2016, France was the first to recognize the potential of blockchain for cash vouchers, dubbed “minibons”. The following year, AMF launched the UNICORN program – Universal Node to ICO’s Research & Network – in order to facilitate ICOs.
In April 2019, the French Parliament finally devised a regulatory framework that is favorable to digital assets. Still, unlike in countries such as Japan, France doesn’t consider cryptocurrency to be real money that is on par with fiat money, be it foreign or domestic. Still however, the Banque de France — France’s central bank — has claimed to watch tokenized securities and other digital assets “with great interest”.
French ICO (FICO), the First Beneficiary of Loi PACTE
French ICO set a goal to become the French reference platform for fundraising crypto-assets. One that instills confidence, security, ease of use, and quality in potential investors. They employ smart contracts to standardize ICOs so that investors don’t have to start from scratch with each new ICO.
As their fundraising ended on June 1, 2020, they amassed 574.85 ETH. This constitutes 123% of the soft cap – €100,000 – for the FICO tokens. French ICO funders committed 15% of the total funding, by investing 86.47 ETH.
In fiat money, this translates to €123,047, or approximately $137,390. Upon successfully completing the fundraising, French ICO will be able to do the same for other French companies, as it builds itself up to be the reference platform for domestic and international investors.
Regarding the FICO tokens, investors will be able to use them for the current suite of products and services on offer by French ICO. So far, under the Loi PACTE legislative framework, AMF has approved two ICOs, French ICO as the first one, and WPO ICO approved this May.
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About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firms specializing in sensing, protection and control solutions (IoT).