The French Financial Markets Authority (AMF) plans to release an experimental regulatory framework for cryptocurrency companies by the end of this month.
According to Reuters, the rules will include capital requirements, tax liabilities and consumer protection protocols that “will voluntarily comply with cryptocurrency firms” in exchange for regulatory approval.
This is not the first time that France has promulgated a regulatory system on a “voluntary” basis. So, in April, AMF issued a requirement for banks, obliging them to open accounts for cryptocurrency firms that "agree" to regulation.
In addition, within the framework of the Business Action Development and Transformation Plan (PACTE), cryptocurrency exchanges and custodians also received the “opportunity” to issue a work visa. Then the Minister of Finance Bruno Le Maire proposed to the European Union to follow the “French experience”, using the PACTE guide to create a “single legal framework” of digital assets in the EU market.
AMF Legal Director Anne Marechal called experimental regulation a “precursor” of international cryptocurrency legislation. She noted that “several” cryptocurrency exchanges, custodians and hedge funds are negotiating with AMF regarding the regulatory framework, within which “three or four” ICOs can also be approved. More detailed information on regulation will be presented this month.
Recall that in early May, the AMF announced an increase in the number of complaints related to fraudulent cryptocurrency projects by 150 times in 2018 compared to 2016.