France’s First Approved ICO
The AMF announced on Wednesday that it has approved the first public initial coin offering in the country. French Law No. 2019-486 of 22 May 2019, also referred to as the Action Plan for Business Growth and Transformation (Pacte) law, has introduced a specific regime for crypto assets and ICOs in France. Adopted on April 11, the law gives issuers the option to obtain approval for their token sales from the AMF.
The issuer whose ICO has been approved is a company called French-ICO. According to its website, the token’s public offering is scheduled to begin on March 1 and end on June 1. The regulator detailed:
The AMF approval will be valid until the end of the subscription period scheduled for June 1, 2020.
ICO Regulation in France
The new regime introduced by the Pacte law “is intended to promote the development of ICOs,” the AMF detailed, adding that it only applies to the issue of utility tokens and does not apply to Security Token Offerings (STOs).
An issuer wanting to carry out an ICO may apply for approval from the AMF and meet a number of criteria. Firstly, it must be incorporated as a legal entity established or registered in France. Secondly, its whitepaper must be drawn up in accordance with Article 712-2 of the AMF General Regulation and with AMF Instruction DOC-2019-06. bitcoin.com