Crypto

Nivesh Rustgi 
The French Government passed a new on Thursday, April 11, 2019, that enables the Insurance companies to invest in Blockchain projects and cryptocurrencies, as reported by Les Echos. The Total volume of the French Insurance market is estimated to be $2 trillion.

The French lawmaking body passed the Pacte Law “Plan d’action pour la croissance et la transformation des entreprises”; the law was formed to foster the growth of businesses entities in the country; while 50 senators voted against the law, 147 voted in favor of the law.Joel Giraud,

“…insurers will actually be able to offer products based on crypto-assets. They will be able to do that through specialized funds.”

This was made possible by two provisions in the new law. First of those enabled the placement of a Specialized Professional Fund (SPF) in life insurance projects. Moreover, Article 26 of the France Monetary and International Code was amended to include any good subject “registration in a shared electronic recording device.”

Emilien Bernard-Alzias, a lawyer at Simmons & Simmons LLP said:

“With these two provisions, it is written in black and white that FPS can invest in crypto-active like bitcoin,”

The insurance companies often invest in certain financial assets to hedge against the loss due to the insurance claims. Until now Bitcoin and cryptocurrencies were considered as high-risk investments due to the volatility and the FUD against its acceptance as a valid asset class around the world.

However, the inclusion of these assets now will surely benefit the long term stability and growth of the cryptocurrencies and Blockchain projects.

France has usually been lenient towards the crypto-regulations earlier as well. The Government also provides a framework for tax and other guidelines for investment in Bitcoin and cryptocurrencies.

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The world of cryptocurrencies has seen a resurgence in terms of both prices and interest from various players in the industry. The latest mainstream financial institution to jump on the cryptocurrency bandwagon is Andreessen Horowitz, with the decade-old company prioritizing cryptocurrencies within its fold.

Margit Wennmachers, an operating partner at the firm, said:
“As a firm, we have this massive ambition to be the best investor period, and want the flexibility to invest in what we think is the best investment.”

The move is aimed to give the company more flexibility in the investments that it can take part in. Andreessen Horowitz claimed that the company is planning to invest as much $1 billion into the cryptocurrency industry, which will entail dealing with not just digital assets but also blockchain technology and distributed ledger technology.

Andreesen had claimed earlier that the 21st century is the “era of disagreeables”, a statement that could be correlated to the company’s decision to venture into cryptocurrencies.With the entry into the world of cryptocurrencies, all employees of Andreessen Horowitz will have to undergo background checks and register all their financial holding, crypto as well as fiat.

The company, by becoming a registered investment advisor, will possess the complete freedom to delimit its investment rate as well as have the ability to invest any percentage of its holdings in other growth-projected companies. Ben Horowitz, Co-founder of Andreessen Horowitz, had earlier praised Bitcoin while calling it the “leader in store of value”. He also stated:

“The thing that’s deceptive about it is when the new platform at the time is generally worse, in most ways, than the old platform, but has some new capabilities. With crypto, it’s very similar in that it’s worse in most ways than the old computing platform. And that it’s slow. It’s really complex. It’s lacking a lot of features. But it has one feature that has never existed before. And that’s trust