France – Billionaire365

French Financial Authority Blacklisted More Cryptocurrency Sites

On September 26th, the Autorite Des Marches Financiers (AMF – the French Financial Markets Authority) published a list of new websites that are not authorized for cryptocurrency trading, including some offering “atypical investment” options, as reported.

Dozens of new crypto-related sites pop up in France without complying with the recently adopted cryptocurrency regulations

The French financial authority warned the public about websites such as www.goodcoin.fr, www.cryptofrance.info, and www.achat-bitcoin.co. Also, it was reported that the list is made up of 21 recently detected websites. They also stressed that it is not exhaustive since more and more Internet sites are appearing that do not comply with the newly-adopted French cryptocurrency regulations.

This blacklist complements AMF’s existing lists of websites that offer investment opportunities in digital assets, such as cryptocurrencies, and which also provide derivatives based on cryptos.

Also, France adopted new ICO regulations, recently

Recently, France’s Minister of Economy, Bruno Le Maire, issued a legal framework for Initial Currency Offers (ICOs), a corporate financing methodology used by a large number of cryptocurrency-related projects.

On that occasion, it was indicated that the AMF would be the institution in charge of granting or denying authorization to carry out ICOs.

French officials see cryptocurrencies as movable property

According to its website, “the AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected, that investors receive adequate information and supervise the orderly functioning of markets.”

Also, in April this year, the French Council of State established that cryptocurrencies would be considered as movable property, which implied a reduction in the taxes applied on the profits obtained from them, from 45% to 19%. That decision was welcomed by the country’s cryptocurrency enthusiasts, as well as by the crypto- and blockchain-related companies that operate across the European country.

Now, the AMF decided to place some renowned crypto-related sites in its blacklist because they do not comply with the new regulations.

Anna Galvez

A Friendly Regulatory Framework on Initial Coin Offerings (ICOs) Adopted In France

French Economy Minister Bruno Le Maire announced on his Twitter account the approval of a regulatory framework for Initial Coin Offerings (ICOs) across France. The European country becomes one of the first major economies in the world to create a clear legal framework around the ICO, which has been considered by the officials as an opportunity for the nation’s monetary ecosystem.

The special committee of the National Assembly of France charged with examining the draft law “Growth and Business Transformation” approved the document on September 12th. Article 26 of the bill establishes a legal framework for the issuance of tokens or cryptographic tokens, known as ICOs. This new ICO regulatory framework aims to encourage France’s positioning as a legally friendly country for ICOs while offering protection for investors.

“This legal framework will attract innovators from around the world,” wrote Minister Le Maire.

France adopted a friendly regulatory framework regarding ICOs (Initial Coin Offerings)

According to the approved document, the Financial Markets Authority of France may require ICOs to become a legal entity established or registered in France. Also, they must develop an effective policy for KYC, as well as a technological structure that guarantees the normal flow of the issued crypto tokens.

The French Financial Markets Authority will have the responsibility of creating a “white list” to communicate to the public which ICOs comply with the new regulatory framework, providing an “important guarantee” for investors, as the document states. In addition, it was stipulated that those tokens that are considered securities will continue to be subject to the legislation governing public offerings of financial securities.

France continues to advance in its friendly position regarding cryptocurrency and ICOs and the ventures associated with their underlying technology. Let’s remember that during April the Council of State of the French government reported that the cryptocurrencies would be considered as movable property, which implies the reduction of the taxes on digital assets from 45 to 19 percent.

Anna Galvez