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New legal provisions in a recently approved law by the French Parliament will allow the country insurers to provide life insurance in criptocoins. The information was confirmed by the federal deputy Joel Giraud, in statements made to the local portal Les Echos. The news was highlighted on the site Criptonotícias.

What has been approved?

After 18 months of debate and about 8,500 amendments, the National Assembly of France approved the law of Action Plan for Growth and Business Transformation or the Covenant of the Law (Loi Pacte, in French). According to the local media, this is the first time the French legislation presents a document which includes the “digital assets”.

How the text deals with the criptoassets?

The text defines what services are based on allowed criptoassets and determines the authorized providers to offer them. In addition, it authorizes the creation of Specialized Professionals Funds (SPF), based on bitcoin and other criptoassets. Finally, it allows insurers to offer life insurance contracts of SPF. Thus, these funds may be used as means  of investment in bitcoin.

How was the local impact?

The French media points out that the SPFs are financial products aimed at professional investors. In order to apply, you must be an active investor and have a financial portfolio of at least 500,000 euros.