French Financial Regulator Grants First Approval For An ICO

There is still a lot of hype surrounding initial coin offerings (ICOs) all over the world as the latest altcoin news and rumors show. On December 17, we could see that the French financial regulator named the Autorité des Marchés Financiers (AMF) officially granted the country’s first approval for an ICO application.

The offering coming from the French financial regulator came from French-ICO which is a company that has developed a platform for funding projects using cryptocurrency. As the sources show, the firm is the first to be white-listed and a notice has already been posted on the AMF website.

In July this year, Reuters reported that the AMF was in talks with three of four candidates for ICOs and that many more could soon be on their way. Although French-ICO is the first company which will receive approval, the support will remain valid until the end of the subscription period scheduled for June 1, 2020.

The AMF website also noted that despite the approval coming in as optional (ICOs are still considered legal in France without any approval), only the public offerings which have received the AMF approval may be marketed directly to the audience in France. The French financial regulator was clear about this when the rules were made official.

Meanwhile, the AMF was also in the crypto news for explaining that it has only approved the ICO proposal and not the token issuer. The primary regulator of France detailed that interested issuers could apply for only one ICO over a period that may not exceed six months.

The French financial regulator said that an ICO may be defined as a “fundraising transaction carried out through distributed ledger technology (DLT or “blockchain”) and resulting in a token issue. The source notes that “these tokens can then be used to obtain goods or services, as the case may be.
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The PACTE law – which is known as France’s new law on business growth and transformation that was introduced in April of this year – included a specific regime for ICOs. It noted that an optional approval would be given by the AMF which is meant to promote the development of ICOs. The law pointed out that this does not apply to Security Token Offerings.