Autorité des marchés financiers (AMF), the body responsible for regulating financial markets in France has noted in its last update that four cryptocurrency websites have been blacklisted.

This follows the regulators blacklisting 20 new investment websites, mostly cryptocurrency-related ventures, back in September. At the time, AMF advised French citizens investing in these new projects that “no advertising materials should make you overlook the fact that high returns always involve high risk”.

Now, nine more websites have been listed as “proposing atypical investments without being authorized to do so,” on the AMF website on December 14th. The blacklisted websites contain four crypto websites which reportedly centre on unauthorized investment offerings.

According to the AMF, websites such as one of the blacklisted sites elos-patrimoine.com were accused of offering monthly returns to investors between 3% and 5% without the authorization to offer guarantees. The other cryptocurrency websites were live-crypto.com.net, iminage.com, and infoconso.info.

French investors were warned that many new cryptocurrency projects are still awaiting AMF’s approval to offer services, and unfamiliar websites should be treated with caution by the public, particularly given the current wave of new crypto websites coming online.

The move by the AMF is part of an increased focus in ensuring that new ICO’s are fulfilling regulator’s legal registration and operating requirements. In September, the French Parliament passed the Autorité des marchés financiers framework drafted early in the year, designed to protect those investing in ICOs.

Earlier this year, French finance minister Bruno Le Maire described cryptocurrency as a “revolution”. Another prominent national, former French finance minister Christine Lagarde, now IMF head, described future international digital currency regulation as “inevitable”.

In September, France’s Minister for the Economy and Finance announced that the government had accepted an article of the Business Growth and Transformation bill (PACTE) dedicated to Initial Coin Offerings (ICO) which stipulates that prior to any ICO, a firm must apply for a license from the AMF providing detailed information on the offer and issuer.

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