France Is Close to Issuing a Position on ICOs

France is moving toward formal rules around initial coin offerings, a senior regulator has said.

Oct 9, 2017 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 7:00 a.m. UTC

France is moving swiftly to formulate rules to cover token sales, or initial coin offerings, according to its domestic financial markets regulator.

Speaking with the business magazine Challenges last week, Robert Ophele, president of the Autorite des marches financiers (AMF), said that his agency aims to formalize regulations around the blockchain use case, citing its increasing profile in France.

"We want to get a quick position on the issue," he told the publication.

Though it's not clear when the rules would be released, the clarification would make France the latest country to outline how it plans to regulate projects and startups seeking to raise capital via the token sale model.

While countries like Canada have opted to take a more neutral approach, others, including China and South Korea, have banned the use of cryptographic tokens in fundraising.

In the interview, Ophele struck a balanced tone when asked about the regulator's viewpoints regarding cryptocurrencies, stating that the technology's use presents both challenges and opportunities.

He said:

"[Cryptocurrencies] can very easily be the receptacle of all that one wants to avoid: tax evasion, money laundering or the financing of terrorism. But it also meets more legitimate needs for cash transfers in a fast and cost-free way in the world."

Editor's Note: Some of the statements in this report have been translated from French.

Eiffel Tower image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Regulate Ledgers and Not Individual Crypto Providers, BIS Study Says

To make cross-border payments easier, you need to change your whole way of thinking, the authors of the BIS study found.

To make cross-border payments easier, you need to change your whole way of thinking, the authors of the BIS study found.

CoinDesk - Unknown
2
CoinDesk - Unknown
Goldman Sees Little US Economic Impact From Lower Cryptocurrency Prices

The stock market decline has had a much larger effect on U.S. household net worth, the bank said.

The stock market decline has had a much larger effect on U.S. household net worth, the bank said.

CoinDesk - Unknown
3
CoinDesk - Unknown
UK Regulator to Consider Terra Coins Collapse in New Crypto Rules: Report

Market instability in stablecoins will need to be taken into account, the FCA's executive director for markets said.

Market instability in stablecoins will need to be taken into account, the FCA's executive director for markets said.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitcoin Options Data Suggests Bearish Sentiment Among Investors

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

CoinDesk - Unknown