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

News

A picture to understand the blockchain: expansion, going to sea, ending, a decade of exchange history

Expansion, going to sea, ending-ten years history of exchanges On November 14, the Central Bank's Shanghai Headq...

Blockchain

The game of the exchange after the BCHSV "belowed"

The representative of the BSV community, Craig S Wright (CSW), has always claimed to be Nakamoto, and the people in t...

Blockchain

Coinbase's effect on the currency is not strong, mainly because the market is at work.

Coinbase is one of the most influential compliance exchanges in the world, providing multiple French currency channel...

Blockchain

HKEx will start blockchain bidding

As one of the world's major exchanges, the HKEx is actively embracing the new wave of technology. “Every ...

Blockchain

Hong Kong Cryptocurrency New Policy's One-Year Anniversary A Year of Major Leaps and Key Milestone Review

Over the past year, Hong Kong has made great progress and shown strategic development in virtual asset policies. Sinc...

Blockchain

The new pattern of staking: exchanges enter the market to explore the boundary, the pledge amount of service providers is not proportional to the income provided

Analyst | Carol Editor | Bi Tongtong | PANews At this time last year, Staking was all the rage, and many players &quo...