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ARTICLE · 09 JANUARY 2019

The ANC Defines The Accounting Framework For Tokens Issued Under An ICO

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The French Accounting Standards Authority (Autorité des Normes Comptables - ANC) – relevant authority enacting French accounting rules – has amended the ANC regulation No. 2014-03

United StatesTechnology
Nicolette Kost De Sevres
Nicolette Kost De Sevres
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The French Accounting Standards Authority (Autorité des Normes Comptables - ANC) – relevant authority enacting French accounting rules – has amended the ANC regulation No. 2014-03 of 5 June 2014 relating to the General Accounting Plan (plan comptable général - PCG) by a regulation No. 2018-07 of 10 December 2018 (the "regulation"). This regulation will enter into force after approval by the French Ministry for the Economy and its publication in the Official Journal (Journal Officiel).

This regulation defines the accounting framework applicable to the treatment of tokens in the context of fundraising in crypto-assets in order to secure transactions in an ICO, in parallel to the legal framework provided for in Article 26 of the draft bill known as the "Pacte Act"1. Tokens issued and held will be governed for accounting purposes by Section 9 of Chapter II, Title VI of Book II "Specific terms of application of general principles" of the PCG.

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