Further to its consultation on potential legal framework of Initial Coin Offerings (“ICOs”) (the “Consultation”), the French Autorité des Marchés Financiers (“AMF”) published on February 22, 2018 a summary of the responses received.
The majority of respondents favor an optional authorization regime for ICOs, which is seen as a balanced and pragmatic approach.
- Initiators of ICOs targeting French investors would obtain a visa from the AMF subject to satisfying certain conditions and providing guarantees to investors.
- An offer launched without visa would not be illegal but would contain a warning informing potential investors that they have not received an authorization and that is a risky transaction. Failing such warning, tokens offers would give rise to sanctions.