France introduced a special regime for cryptocurrency and ICO

French financial market regulator Autorité des Marchés Financiers (AMF) first approved initial coin offer (ICO). Registration of ICOs in AMF is becoming an additional way of legalization, although in general this method of fundraising in France was not prohibited.

French law No. 2019-486 of May 22, 2019 introduces a special regime for cryptocurrency assets and ICOs in France, offering issuers the opportunity to obtain approval for the sale of tokens from AMF.

The first legalized ICO was a company undercalled French-ICO. The company's website states that the public offering of tokens will take place from March 1 to June 1, 2020. The regulator clarified that ICO can operate“Until the end of the subscription period - June 1, 2020”.

Now issuers wishing to conduct an ICO can apply to the AMF if they meet a number of criteria:

• firstly, companies must be registered as legal entities in France;
• secondly, the whitepaper of the project must be drafted in accordance with AMF rules.

AMF emphasized:

«ICOs without AMF approval will still be considered legal; Only those ICOs that have received approval from the AMF can directly sell their tokens in France.

Anne Marechal, Director of Legal Affairs at AMF, stated that“Additional approval”will help attract serious ICO projects to the country and ensure investor protection.

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