The French government approved the trading of unlisted securities on the blockchain platform

nBankruptcy comment: Recently, the French government introduced a new regulation approving banks and financial technology companies to use blockchain platform for trading unlisted securities. At the same time, the legislation recognizes that the blockchain is a new and innovative technology that supports securities trading and enables real-time transactions without the need for liquidation agencies to conduct real-time monitoring. This significantly shortens the time to market and reduces the cost. The new regulation coincides with the Brexit by the United Kingdom. The French government hopes to take this opportunity to attract financial technology companies and transform Paris into a new financial center.n
nTranslation: Clovern
Under the new rules, the French government approved the use of blockchain technology to trade unlisted securities in order to develop into a financial technology center.n
According to a Reuters report, the French government (through its economy and finance) has released new rules that will enable banks and financial technology companies to use the blockchain platform to trade unlisted securities.n
It is worth noting that the legislation recognizes that blockchain is a transformative new technology that supports the trading of securities and enables real-time transactions without the need for liquidation agencies to conduct real-time monitoring. Traditionally centrally managed financial-exchange-listed securities are still a time-consuming process, and custodians and clearing agencies also have to bear certain commissions.n
In a statement on decentralization, French finance minister Bruno Le Maire said:n
n”The use of this new technology will enable financial technology companies and other financial players to develop new ways of trading securities that are faster, cheaper, more transparent and secure.”n
nThe release of the new regulation is exactly the time for Britain to leave the EU, while Paris hopes to take this opportunity as a financial center to attract the withdrawal of London enterprises, thus becoming a financial technology destination. As a result, the French government has promised a massive payroll tax cut (an estimated $ 13 billion) to lure London’s financial institutions.n
In addition, Le Marie also said the new rules will be “a further asset for Paris to enhance its attractiveness as a financial center”, especially with regard to new financial technologies such as blockchain.n
In related news, the country’s central bank, Banque de France, revealed that its first trial using blockchain technology will focus on cross-border payments within the Single Euro Payments Area (SEPA). In mid-2016, the country’s first bank blockchain alliance was formed to involve banks in a number of major financial institutions, including Société Générale and BNP Paribas, working for the SME Development Zone Block chain infrastructure.n

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