French regulator blacklists 15 crypto platforms

Markets 3/16/2018, 6:15 AM
French regulator blacklists 15 crypto platforms

French stock market regulator, Autorite des Marches Financiers (AMF), blacklisted 15 cryptocurrency websites for breaching the so-called "Sapin II" law, the watchdog said in a press release. The companies were penalized for advertising their services as investment opportunities to the French public.

In February, the AMF decided that derivatives that have cryptocurrencies as underlying assets cannot be advertised online. The Sapin II Law was passed in November 2016 and it targets transparency, anti-corruption and the modernization of the economy.

"The investment proposals highlighting the possibility of financial returns or similar economic effects involve intermediation in miscellaneous assets and are now subject to ex ante control by the AMF. Consequently, no offer can be directly marketed in France without prior allocation by the AMF of a registration number," the release on new regulation stipulates.

Breaking the News / BM

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