France Is Close to Issuing a Position on ICOs

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

AccessTimeIconOct 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


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