According to the local media reports, French regulator AMF works on France ICO regulations. The watchdog aims to promote the development of the new kind of fundraising across the country.
19 March, AtoZForex – Reportedly, the key regulator of the French financial markets, the l’Autorité des marchés financiers (AMF) is preparing to introduce the Initial Coin Offerings (ICOs) legislation. The authority aims to promote the development of the new kind of fundraising across the country.
French regulator AMF Works on France ICO Regulations
According to the local media reports, the French Ministry for the Economy and Finance has confirmed that the framework suggested by the AMF would consider ICOs to be a legitimate fundraising method. The Ministry also noted that groundwork consultations with stakeholders and other associations are needed.
Some of the online reports quote Ministry of Finance representatives saying the following:
“Our goal is to provide legal certainty for those who seek it, without hindering those who want to follow their own path. We have a rather liberal approach. We work for a flexible, non-dissuasive framework. At the same time, we are not naive either, we know that these products can be risky.”
The new France ICO regulations would establish an authorization system for issuers to obtain the license from the AMF. According to the watchdog, ICOs that operate without any registration would not be banned. However, a licensed ICO token issued would need to provide a particular set of assurances to investors in relation to the usage of raised funds.
This initiative appears as a U-turn in the policy of France in regards to the cryptocurrencies. In fact, earlier last week, the watchdog has blacklisted 15 cryptocurrency related websites. According to the official press release, the companies that have been added to the list have breached the “Sapin II Law”. The document reads:
“The investment proposals highlighting the possibility of financial returns or similar economic effects involve intermediation in miscellaneous assets and are now subject to ex ante control by the AMF. Consequently, no offer can be directly marketed in France without prior allocation by the AMF of a registration number.”
The announcement from the AMF mentions 15 companies that continued to advertise and promote their services as investment opportunities to the French residents in spite of the new regulations.
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