Hubert de Vauplane, partner at the Kramer Levin firm,

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Dominique Legeais, Professor at Paris V, has a different opinion. First, he notes, for the lawyer, the qualification of currency is never obvious and has always posed difficulties. He notes that with regard to these new tools, States are hesitant and have a double discourse. Without prohibiting, they supervise and try to put in place safeguards to supervise ICOs (Initial Coin Offerings) which is, according to him, "a de facto consecration". The qualification of homeowner database currency has also been adopted, for tokens, by the IMF and European supervisors. "In any event, saying that there is an unofficial currency does not exempt it from being regulated to avoid abuses". Moreover, the platforms are subject to anti-money laundering rules and the PACTE law is in the process of regulating ICOs. "It is not the jungle as we would have us believe", he reassures.



recommended that those wishing to launch ICOs take a lawyer in each distribution country, "which no one ever does" or geographically restrict their offer. Indeed, the qualification of the token issued (utility, reputation or equity token) can vary depending on the country and the various applicable public policy rules are added. The Kramer Levin firm has also developed a questionnaire, in the form of a table, which makes it possible to determine whether the distribution of tokens is suitable for a particular country. He draws attention to the dangers coming from the secondary market for tokens, which he says is "unclear". "There are many regulations at the ICO stage, but there is no longer any control over the secondary market."





THE CONTENT OF THE REGULATION


Mustapha Mekki, Professor at Paris 13 and Director of the Research Institute for Attractive Law, was interested in "smart contracts", which, as he immediately pointed out, are not contracts, but a way of using the Blockchain that allows certain tasks to be automated. "It's just a protocol. It's not a contract and it's not smart". Contracts can, however, be the subject of smart contracts, the protocol being able to be used to activate contractual options or even upstream of the contract during the exchange of documents between the parties. "Smart contracts make it possible to reduce costs