The regulator of financial markets in France, Autorité des Marchés Financiers (AMF), first approved the initial proposal of coins (ICO). Check the ICO in AMF becomes an additional way to legalization, although in General this method of fundraising in France, were not prohibited.
French law No. 2019-486 may 22, 2019 enters a special mode for cryptocurrency assets and ICO in France, offering issuers the possibility of obtaining approval for sale of tokens from AMF.
The first legalized ICO was a company called French-ICO. On the website of the company says that its public offering of tokens will occur from 1 March to 1 June 2020. The regulator said that the ICO could act “before the end of the subscription period to 1 June 2020”.
Now issuers wishing to hold the ICO can apply to AMF, if they meet certain criteria:
- first, the company must be registered as a legal entity in France;
- secondly, the whitepaper for the project should be prepared in accordance with the rules of the AMF.
“ICO without the approval of the AMF will continue to be valid; only those ICO, which received approval from the AMF can directly sell their tokens in France.”
Anne Marechal, Director of legal Affairs at AMF, said that “additional approval” will help to attract serious ICO-projects in country and ensure the protection of investors.
Publication date 23.12.2019
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