AMF, French Regulator, Focusing on ICOs & Asking EU Regulators for Actions!
- Trade Magnates Team
- Oct 6, 2017
- 1 min read
Trade Magnates -The French watchdog is concerned about the existing legal framework and its effectiveness. The President of the French Autorité des Marchés Financiers (AMF), Robert Ophele has expressed several challenges for the regulator.
The French regulator has some increasing worries to the rise of the ICOs and the current sale of tokens through them. With the rise of technology and their online activities, the mission is now harder on regulators to control such activites.
The French regulator, however, is focusing on blockchain and calling legal authorities in France and in the EU to take actions to determine the nature of the transactions and introduce a legal framework to the industry.
The President of the AMF, Robert Ophele responded to the frequent curiosity by new start-ups who are looking for the legal framework that applies to raising funds via an ICO:“ICOs do not belong to public offerings of financial securities, participatory financing or intermediation (all of which require the distribution of an appropriate prospectus),”.