France passed a bill on investment products related to virtual currencies of life insurance company.
Capital inflow into virtual currencies by institutional investors is expected
FXStreet reported that French government passed a new bill that allows life insurance company to invest in virtual and digital tokens to promote local businesses; therefore, it is possible for life insurance companies to offer virtual currency related investments products.
The new bill is called "Plan d'action for la transformation et la transformation des enprepases" and states that under the two provisions of the bill, life insurance companies can invest in virtual currencies through professional investment funds and provide life insurance products.
Currently, the size of France's life insurance market value exceeds 200 trillion yen, and the major influence of institutional investors in the insurance industry on the virtual currency market is expected.
Regarding the bill, Joel Giraud, who serves as vice leader of the party "En Marche!" led by French President Macron, said: “The original purpose of the bill is to sell its stake in ADP, an airline owned by the French government, and to push for privatization by purchasing it.”
Therefore, life insurance companies will be able to provide virtual currency related products and invest in the form of virtual currency funds.
Also, it is highly likely that investments in virtual currency will be legally recognized by not only insurance companies but also from a wider range of institutional investors, and the inflow of funds into virtual money by institutional investors is expected to expand significantly in the future.
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