Crypto assets are now available in French Insurance Products!

French insurance products now offer Bitcoin and other crypto assets! As the Pact Act has passed to allow life insurance products to invest in specialized professional funds (SPFs). The newly passed Pact Act consist of 2 articles, where SPFs can invest in crypto assets according to Article 26 of the Monetary and Financial Code.

The adopted regulation is a result of more than 18 months of discussion among policymakers, entrepreneurs and companies. Joel Giraud, the Assembly member told Les Echos “This was not the primary goal of Pact. But insurers will actually be able to offer products based on crypto-assets. They will be able to do so through specialized funds”.

There are 147 votes in favor of the new regulation, with 50 votes against and 8 abstentions. The Economy Minister Bruno Le Maire feels positive with the prospect of the new rule. He said “Very happy with the adoption of the law PACT! The vote is wide, thank you to the majority for your total support and for all the work that has been done. We are determined to continue transforming our economy”.

The Pact Act for the introduction of cryptocurrency into life insurance product opens the gateway for the French life insurance market, which its market potential can reach 2.2 trillion Euro. Besides, insurance products account for approximately 40% of financial assets for the French population.