Category Archives: Autorité des Marchés Financier

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French Regulators May Be Taking Next Step Towards Easing the Path for ICOs

The French government seems to be moving towards regulating ICOs in 2018, according to a recent Autorité des Marchés Financier (AMF) annual report, writes CoinGape.

According to AMF’s report,  ICOs are most definitely on the agenda for further regulatory framework as Robert Ophèle, President of the AMF indicated recently, suggesting that the government body will:

“…continue to reflect on changes in the regulatory framework in the face of new offers, in particular, the Initial Coin Offerings (ICO), and to promote at European level the French regulator’s approach to innovation.”

The AMF last published an update in February of this year with its analysis of the legal qualification of cryptocurrency derivatives, as well as ICO guidance resulting from a public consultation of the relevant actors on the French market, according to law firm Kramer Levin.

The AMF has now launched a program of research called UNICORN (Universal Node to ICO’s Research & Network) in order to give greater clarity to those involved and to better protect potential investors. The government body has also suggested that more academic research is necessary, although it has rather followed the direction of many governments globally of promoting awareness campaigns to point out the risks of Bitcoin to “unsuspecting” potential investors.

On a positive note, it appears that the AMF has accepted that ICOs may have a productive place within France’s financial structure in the not too distant future. Ophèle said:

“In parallel, considering that certain forms of ICO could in the future constitute an alternative mode of financing for a segment of the economy in connection with blockchain technology, the AMF has launched a program of support and research of ICOs.”

The French press is far more upbeat on the question of coin offerings, recently suggesting that France should become ‘la Capitale des ICO’. The recent AMF suggestions require that best practices should be clear and complied with, also that they could extend the scope of current regulations which treat ICOs as public offerings of securities. Another suggestion is to issue an ICO license based on the regulatory model.

In response to these suggestions, the AMF received 82 responses, most of which chose for the new regulation to be optional, with a specifically tailored framework.

 

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