Clifford Chance on France’s Pioneering Blockchain Legal Framework for Unlisted Securities

While blockchain, legally referred to as distributed ledger technology (DLT), or dispositif d’enregistrement électronique partagé (DEEP) in French, was first developed for the creation of virtual currencies such as bitcoin, it is also a technology that allows for transactions to be instantaneously concluded through the use of cryptographic keys. In order for businesses involved in the financial sector to take advantage of this disruptive technology, the current legal framework needs to undergo some modifications. This is what the French order no. 2017-1674 dated 8 December 2017 (the “DLT Order”) contemplates.

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