French regulator warns investors against dealing with illegal cryptocurrency companies

October 13, 2021

French regulator warns investors against dealing with illegal cryptocurrency companies

The French Financial Markets Authority (AMF) has updated the list of unregistered companies whose activities are related to investments in cryptocurrencies.

On 1 October, the regulator added 16 websites to the list. According to it, the organisations offered investment products and services without the authority to do so.

The AMF stressed that the list was not exhaustive as "new unauthorised sites appear regularly".

"To make sure that the intermediary offering you financial products or services is authorised to operate in France, you can consult the register of authorised investment service providers, the list of authorised intermediaries in the categories of financial investment advisers or crowdfunding," the statement said.

Earlier, Pierre Person, a member of the French National Assembly, proposed amendments to the draft "Finance Law 2022" to simplify access to cryptocurrencies and make France more attractive for investment.

Today I have tabled a series of amendments aimed at improving the tax regime for crypto-assets.

Their adoption would simplify life for holders of crypto-assets and enhance the attractiveness of this sector in France.

In October 2020, French Finance Minister Bruno Le Maire called for stricter regulation of the cryptocurrency industry. He linked digital assets to money laundering, drug trafficking and arms trafficking.

In December, it became known about the ministry's plans to strengthen KYC procedures for bitcoin users and introduce compulsory registration of cryptocurrency exchanges without the support of fiat currencies.

Recall that in the summer of 2021, AMF proposed to give the European Securities Market Surveillance Authority the power to oversee the crypto industry as part of a reform package to strengthen financial regulation in the EU.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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