French financial market regulator approves first ICO application after updating rules

In the US, the hype surrounding ICOs may have subsided, but France seems to have renewed interest. On December 17, the French financial regulator, the French Financial Markets Authority (AMF), approved the first ICO application.

The application comes from French-ICO, which has developed a platform for project financing using cryptocurrencies. The company was the first to be whitelisted, and the news was posted on the AMF website.

ico

Reuters reported in July this year that the AMF is communicating with three or four institutions involved in the ICO business, and there may be more similar conversations soon.

French-ICO is the first company to be approved, and AMF's support will be effective until the end of the originally scheduled June 1, 2020 subscription period. The AMF website also states that although it has its own choice whether to approve a company (ICOs are still considered legal in France and do not require prior approval), only those ICOs that have been approved by the AMF can report to French Make a sale.

The AMF also explained that it approved only the ICO proposal and did not approve the token issuer. The French regulator stipulates that issuers can only submit applications for one ICO within a period of no more than 6 months.

The AMF states on its website that ICOs can be defined as "financing transactions through distributed ledger technology (DLT or" blockchain "), and ultimately issuing tokens". It said, "These tokens can be used to obtain goods or services, and the situation may vary."

The "PACTE Act" introduced in April this year is a new French law on corporate development and transformation, which includes specific systems for ICOs. The law states that the AMF will decide whether to approve the ICO application, and its purpose is to promote the development of the ICO. The law states that this does not apply to STOs, but only to issuing application tokens. Those who fail to comply with the new rules will face huge fines.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

DeFi

Postponed Fraud Trial of Mango Markets Exploiter: A Delayed Showdown

Fashion executive, Avraham Eisenberg, accused of a $116 million fraud at Mango Market, will face trial on April 8, 20...

Market

Fortune Magazine From ambitious to defensive, what twists and turns has the crypto queen Katie Haun experienced?

Cryptocurrencies may experience cyclical fluctuations, but this time the trough is much steeper than investors expect...

Market

Latest Interview with Zhao Changpeng: Being "Under the Microscope" of Regulation, Market is Recovering in Bearish Period

On May 29th, Binance CEO Changpeng Zhao gave an interview to Bankless discussing his views on the current state of th...

Blockchain

DeSpread Research Data Analysis of Centralized Exchanges and Investor Behavior in South Korea

According to a survey by the Korea Financial Intelligence Unit (KoFIU), it is expected that the number of cryptocurre...

Blockchain

Interviewed 800 crypto traders in 75 countries around the world. What did they find?

"Traders look for simplicity, but the exchange can't meet it. 80% of participants have entered the market f...

Blockchain

Exchange Rollover Records: A Article Seeing 64 Rollover Accidents Since 2018

Editor's Note: The original title was "Exchange Overturn" Source: Tokenin Users using a centralized ex...