While the world is looking at Facebook’s Libra and its recent senate hearing, France is knuckling down and is set to approve the first wave of cryptocurrency businesses under new legislation. Under the rules, cryptocurrency-related firms will voluntarily abide by a regulatory framework that requires them to pay tax, provide consumer protection, and meet capital requirements, Reuters reports.

Authorities will implement regulations later this month. Firms that follow France‘s rules will receive approval from the country’s Financial Markets Authority (AMF), and will effectively be white listed. “We are in talks with three or four candidates for initial coin offerings (ICOs),”…

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