On April 11, the National Assembly of France passed a law which will allow life insurance providers to invest in cryptocurrencies and tokens without any limitation on the amount that can be allocated.
According to local news agency Les Echos – Pacte law (Plan d’action pour la croissance et la transformation des entreprises) is designed to stimulate local business development, including redirecting savings from individuals to businesses.
A dual provision of the act enables insurers to invest in crypto through specialized professional funds, and allows them to offer life insurance policies exposed to crypto. FPCIs (Fonds Professionnel de Capital Investissement, Professional Capital Investment Funds) which will also be impacted by the measure – Les Echos.
Privatization process is mainly being targeted by this bill, which includes a sale of the state’s stake in airports group ADP for a new innovation fund.
Joel Giraud, deputy and budget manager of Emmanuel Macron’s party La République En Marche said :
“This was not the primary goal of Pact, but insurers will actually be able to offer products based on crypto-assets. They will be able to do so through specialized funds,
The Assemblee Nationale voted 147 in favor and 50 against – The Reuters