The French markets regulator has announced that it has blacklisted 20 new investment websites, mostly cryptocurrency-related ventures. The Autorite des Marches Financiers (AMF) has maintained a blacklist for some time but, the recent addition to the list is much more wide-ranging than any other steps taken by the authority.
The reasons given for the blacklisting of these exchanges are “unauthorized operations and atypical investments”. These terms are normally used by the authorities to ban crypto-related projects and they can cover everything from scams to usual exchange operations. The AMD also 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”.
The move follows a similar trend in the region of blacklisting of cryptocurrency exchanges, including a recent example set by the Belgian watchdog Financial Services and Markets Authority (FSMA) that added almost 28 new sites to its crypto-specific fraud list earlier this month. The Belgian authority also warned citizens against investing with fraudulent schemes.
While France is welcoming more and more cryptocurrency and blockchain projects in the country, the AMF is also getting sweeping powers to grant licenses to new initial coin offerings (ICOs) in the country. The French government is hopeful that with commons sense legislation and legal framework, it will be able to attract investors from around the world.
Under the new set of rules, any company aiming to operate in the country will have to apply for a license with the AMF and provide detailed information regarding offer and issuer. Additional measures are also in place for new ICOs to protect investors from scams.
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