French lawmakers have adopted a bill to open up its insurance sector to cryptocurrency, allowing insurance companies to invest in crypto for the first time in the country – and with no investment limits imposed. They will be able to offer life insurance products that have exposure to crypto and are tipped by media to become popular.
The new bill, titled “Plan d’action pour la croissance et la transformation des entreprises” or the “action plan for the growth and transformation of enterprises” (Pacte), was passed by the National Assembly of France on April 11. The law aims to boost local business development by redirecting savings from individuals to businesses. The Assembly reportedly voted 147 in favor and 50 against.
Joel Giraud, Deputy and Budget Manager of President Emmanuel Macron’s party La République En Marche, said, “This was not the primary objective of the Pacte, but insurers will be able to offer products based on crypto assets. They will be able to do so through specialized funds.”
FPCIs (Fonds Professionnel de Capital Investissement, Professional Capital Investment Funds) are also included under the new measures. The bill is largely aimed at a privatization process in order to raise money for a new innovation fund.
Earlier in March, The Crypto Sight reported that Éric Woerth, head of the Finance Committee of the National Assembly, had recommended a ban on anonymous cryptocurrency, or privacy coins, that ensure the anonymity of its users.