Continuing with its stringent watch on the unauthorized websites, The Autorite des Marches Financiers, blacklisted another 21 new investment websites on September 26. These websites also included multiple crypto-related sites. This has not been the first time the French stock market regulator has taken this step. Back in March, the regulator had added 15 websites, including related to crypto-assets to its blacklist.
The step taken by the AMF reminds customers that no advertising elements should make you oversee the fact that high returns comes with high risk. Latest additions are stated as unauthorized websites that promote atypical investments and directs customers to its existing blacklist.
Earlier in this year, Bruno Le Maire, the Minister of the Economy of France, appointed Jean-Pierre Landau to lead a task force to assess cryptocurrency guidelines. Landau has termed Bitcoin as the “tulips of modern times”.
The AMF is not the only regulator that has been cautious on crypto front. Earlier this month, Belgian watchdog, the FSMA also added 28 new websites to its crypto-related fraud blacklist and repeated its warnings to customers about fraudulent parties in the segment.
The AMF has received new legal authorities to grant licenses to firms that run Initial Coin Offerings. Bruno Le Maire expressed that the legal framework of ICOs in the country will form as a base for increased investment from across the world.
As per the new guidelines, before any token issuances, a firm must apply to the French stock market regulator for a license and submit detailed information related to the offer and issuer. These rules are intended to offer additional guarantees for Initial Coin Offerings, which the AMF had earlier stated to be common with “risks” for investors.
The steps taken by the AMF indicates that customers should be duly diligent before planning any investment. They should learn in-depth about the intermediary or firm and should only invest in a product they understand.
In December 2017, Francois Villeroy de Galhau, who is the Governor of the Bank of France, released a warning on the risks of investing in Bitcoin, stating it is a speculative asset.