French Company Napoleon Group is the First Regulated Crypto Asset Manager Funded By an ICO
French Company Is The First Regulated Crypto Asset Manager Funded By An ICO
France is known as having a very regulated financial market. If you want to do business there, you need to comply with the regulation, or else you will simply not be able to do it. Now, some important development has happened as Napoleon Group is the first company in France to become a regulated crypto asset manager after being completely funded by an Initial Coin Offering (ICO).
The Napoleon Group was funded with an ICO nine months ago, in which it was able to raise over $10 million EUR and it issued 27 million NPX tokens, utilities that could be used for having access to the trading bots, strategies and tools at the NapoleonX.ai platform. The company was backed by BNB Paribas banker Jean-Charles Dudek during its ICO phase.
Three companies form the Napoleon Group: Napoleon AM, Napoleon Index and Napoleon Capital. Index is set to be launched in 2019 and will act as the first regulated benchmark blockchain index publisher in France and in the whole Eurozone.
According to Napoleon Group, the first main issue that the company had to deal with was to overcome all the regulatory hurdles and to comply completely with the French law for being a regulated crypto asset manager and cater to the institutional investors that the company was interested in.
At the moment, anyone can use the strategies already available at the company. They can be used to trade Bitcoin and Ether. as well as some other stock assets. With 1 NPX token alone, you already can get access to the platform. The first investment vehicles of Napoleon Group will be launched in the first half of next year, though.
Despite the lack of faith that most of the crypto market has in regulation, it is very important. No institutional investor will trade and invest in a market that can cease to exist because of regulation, so it gives the investors some confidence that they can really try their best at it.
While France is still during its process to determine how the crypto space will be regulated, this is an important regulative step because it sets an important precedent for other companies that can follow this example.
One bit of regulation that did not get crypto entrepreneurs happy is that France will charge flat taxes just like any other asset for cryptos, but the country would simply not do it differently, so there is no way to go around it. The Napoleon Group is important because of this. It is rather well prepared to face such a tough market like France.
The company is even partly responsible for some of the ICO-friendly environment in France as they have lobbied and done their best to turn France into a crypto hub, something that would be almost impossible without doing a huge effort.
Napoleon Group spokespeople have affirmed that the company has been in touch with regulators for most of the year and that they are waiting for a wave of asset tokenization.
While the primary market of Napoleon will be institutional investors and wealthy traders, they are certainly helping everybody in the market as they are creating more exposure for the crypto market and improving its image around the whole country, which definitely has a value associated to it.
With the launch of Napoleon Index next year, the company believes that they will be able to take the business to the next level and to deliver better products for people.