The Autorité des Marchés Financiers (AMF), France’s finance authority, has just granted authorization for the country’s very first initial coin offering (ICO). The firm, called French-ICO is said to have met all stipulated requirements.
Some of the requirements say that the token issuer must be incorporated and registered in France, and must also already have a system in place, that ensures strict compliance to regulations such as anti-money laundering (AML) and terrorist financing.
In an official statement the AMF however sounds a note of warning to the general public. It says:
“The [authorization] does not imply either approval of the appropriateness of the issuer’s project or authentication of the financial, accounting and technical information presented. Moreover, the AMF does not carry out any verification of the smart contracts linked to the offering and does not verify the adequacy of these smart contracts with the content of the white paper.”
Earlier this year, France passed the PACTE law, a legal framework that covers business growth and development and also caters to ICOs. It specifies that the AMF in a bid to help the crypto space, can approve ICOs. Approvals will however only be for utility tokens and will not be extended to security tokens.
France also allows unregistered ICOs but prohibits promotions, until registration is done.
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