The hype around the ICO on the planet has almost subsided, but France decided to stand out. On December 17, a local financial regulator called the French Financial Markets Authority (AMF) for the first time granted an application submitted for an ICO.
The offer came from the French-ICO company, which created a platform for providing financing to startups using cryptocurrency. This firm was the first to receive approval, which was reported on the regulator’s website.
In July, it was reported that AMF is in dialogue with 3-4 applicants for the ICO and others may appear soon.
The regulator’s website notes that although obtaining approval is optional (ICOs are considered legal in France and without approval), only public offerings approved by AMF can directly conduct sales with the participation of French citizens.
The regulator also explained that it approved only the ICO proposal, but not the token issuer. AMF clarified that issuers have the opportunity to apply for only one ICO in six months.
According to the AMF website, an ICO can be defined as “a fundraising transaction carried out using distributed ledger technology (DLT or blockchain), the result of which is the issuance of tokens.
In April of this year, the “PACTE Law” was adopted, which provides for a special regime for ICOs. The law notes that additional approval from the AMF is designed to promote the development of ICO. But the permit does not apply to STO and those who do not comply with the legal framework face heavy fines.
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