France Passes Bill To Allow Insurance Companies To Invest In Cryptocurrency

Bonjour Ninjas!

The French insurance markets can now grow their portfolio by investing in crypto. This was made possible following the passage of a new law as reported by the foreign exchange news agency on April 11.

It was gathered that on April 11, the National Assembly of France adopted a bill that is designed to stimulate local business development, including redirecting savings from individuals to businesses.

This act Known as “Plan d’action pour la croissance et la transformation des Entreprises,” (Pacte) will reportedly allow insurance companies in France to invest in cryptocurrencies such as Bitcoin (BTC) with no restriction or limit on the amount of investment. Cool right?

According to the report, a dual provision of the act will enable the French insurers to invest in cryptocurrencies through specialized professional funds and allows them to offer life insurance policies that are visible to crypto. The new measure will also impact professional capital investment funds.

The bill mainly focuses on the privatization process, including a sale of the state’s stake in airports group ADP (formerly Aéroports de Paris) so as to raise money for a new innovation fund.

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