Featured Product

    AMF Adopts an Optional Legal Framework for Crypto-Assets in France

    April 15, 2019

    AMF, the French Financial Markets Authority, adopted a legal framework to oversee initial coin offerings (ICOs) and digital asset service providers (DASPs) in France. The PACTE draft Bill (Action Plan for Business Growth and Transformation) was adopted in the French National Assembly on April 11, 2019. Once enacted, the law will establish a framework for fundraising via the issuance of virtual tokens (ICO) and DASPs.

    The regime covers digital assets not classified as financial instruments, giving rise to one or more rights and that may be issued, registered, stored, or transferred using a distributed ledger technology (or a blockchain). The law will enable project initiators to submit their information document to AMF for an optional visa, which will be issued on the condition that they meet certain requirements. The visa remains optional and the raising of funds without AMF visa will continue to be legal in France. However, issuers who have not received the AMF visa will not be able to use general solicitation. AMF will publish the list of ICOs that have received its visa. DASPs may be licensed and placed under the supervision of AMF. The term “digital assets” comprises tokens issued during ICOs and virtual currencies as defined by European law (such as the bitcoin). Financial instruments are excluded from this regime. This new optional status will cover a wide range of activities, particularly:

    • Custody of digital assets for third parties
    • Purchase or sale of digital assets against legal tender or other digital assets (broker/dealer)
    • Operation of a digital assets trading platform (stock exchange)
    • Other digital asset services such as the reception and transmission of third-party orders, third-party portfolio management, advice, underwriting, and placing on or without a firm commitment basis

    Whether or not they choose to obtain the optional license, service providers that wish to provide digital assets custody services to third parties or to purchase/sell digital assets in exchange for legal tender are subject to mandatory registration with AMF. AMF may publish a “blacklist” of ICOs and digital assets services providers that do not comply with the regulations. It may also block access to fraudulent websites offering services in digital assets.

     

    Related Link: Crypto-Assets Regime in France

     

    Keywords: Europe, EU, France, Banking, Securities, Regtech, Fintech, Crypto-Assets, Distributed Ledger Technology, Blockchain, AMF

    Related Articles
    News

    HKMA Consults on Supervisory Policy for OTC Derivatives Transactions

    HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.

    May 25, 2020 WebPage Regulatory News
    News

    PRA on Regulatory Capital and IFRS 9 Requirements for Payment Holidays

    PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.

    May 22, 2020 WebPage Regulatory News
    News

    HKMA on Fintech Adoption and Innovation by Banks in Hong Kong

    HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.

    May 20, 2020 WebPage Regulatory News
    News

    BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk

    BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guide for Managing Climate and Environmental Risks

    ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis

    ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.

    May 20, 2020 WebPage Regulatory News
    News

    EBA Assesses Interlinkages Between Recovery and Resolution Planning

    EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).

    May 20, 2020 WebPage Regulatory News
    News

    SRB Publishes Final MREL Policy Under the Banking Package

    SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.

    May 20, 2020 WebPage Regulatory News
    News

    US Agencies Amend Interim Final Rule on Transition Period for CECL

    US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.

    May 19, 2020 WebPage Regulatory News
    News

    ECB Releases Results of March Survey on Credit Terms and Conditions

    ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.

    May 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5208