France Financial Market Regulator (AMF) seeks to regulate Initial Coin Offering (ICO)

AMF launches consultation on Initial Coin Offerings and initiates its UNICORN program

Its no doubt the recent ICO wave has caught the attention of some financial regulatory body.
In the absence of specific regulations governing all new fundraising activities based on cryptocurrencies and Blockchain technology, the Autorité des marchés financiers (AMF) wants to gather the views of stakeholders on different avenues

France  Financial market Regulatory body (AMF) seeking to regulate ICO has launched UNICORN;  a framework for support and analysis of Initial Coin Offering Operations.

The AMF also pointed out some of ICOs present risk:

  • Lack of specific regulations;
  • Risks associated with information documentation;
  • Risk of loss of capital
  • Risks of volatility or lack of market
  • Risk of fraud and money laundering
  • Risks associated with funded projects

Autorité des marchés(AMF) conducted an initial study of the legal aspect of the ICO and developed three possible scenarios for the regulation.

1. Create a set of recommendation for the ICO projects
2. The inclusion of requirements for the ICO in the existing legislation
2. The development of a new specialized legislation

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