Cryptocurrency AMF in

Cryptocurrencies are among the assets attracting the most investment at the moment by flooding the offers of platforms on the web. However, this asset arouses a strong feeling of mistrust whether in terms of scams, volatility, but especially because of the absence of regulation or any form of control body. What does the AMF plan to regulate cryptocurrency in the French financial market?

AMF Opinion – Invest in Cryptocurrencies in

Regarding cryptocurrency assets, the AMF recommends that investors be careful with them. The authority was quite suspicious as shown by its position towards the pioneer of the virtual currency Bitcoin. Here are the different points that the AMF considers important in an investment with this asset.

• The fear of this new transaction system vis-à-vis the safety of traders.
• The AMF's palliative measures to secure investments (regulation of PSANs or Digital Asset Service Providers and ICOs).
• Establishment of a complaint system with the court to deal with scams in this area.
• Ensure a safe environment in France for investing in a cryptocurrency platform (PSAN) regulated by the AMF.

What is a “Cryptocurrency” – AMF Notice

Cryptocurrency, crypto-currency or crypto-asset are the denominations used for virtual digital assets based on the blockchain principle. In addition, it innovates greatly with the establishment of a decentralized register, but also with an encrypted computer protocol.

With the application of decentralized finance, it finds itself exempt from any control system. This has the effect that the value of cryptos will be determined fundamentally by the law of supply and demand.

Among other things, the great particularity of crypto currencies lies in the absence of a trusted third party in this system. The need for a central bank does not exist with the blockchain system. However, the massive rise in the number of cryptocurrencies which currently stands at 1300 may cause some concern.

AMF warning on Bitcoin

The reason for this caution comes from the nature of Bitcoin due to its nature. The virtual side without a clear basis can be destabilizing. Indeed, unlike traditional currencies which are legitimized by States, this is not the case for this virtual currency that is Bitcoin. Consider initially as a simple speculative bubble having no real concrete application. This AMF forecast on said cryptocurrency turned out to be distorted by the current developments and the status acquired by bitcoin.

ICO & AMF

An ICO, or Initial Coin Offering, refers to an open offering of tokens to the public, which is a fundraising initiative. It allows for crowdfunding for a company that requires financing, and for this purpose, it issues tokens, also called "Tokens." This is where investors generally subscribe with cryptocurrencies. These tokens then provide access to products and other services within the company in the future.

The PACTE law stipulates that certain token offerings to the public may require an AMF approval. However, this approval is optional. To obtain it, an information document on the issuer and the token offering must be prepared. This approval serves as an indicator that the AMF has verified the veracity of the information. The authority even draws up a "White List" listing token offerings that have received this approval.

AMF White/Black List for Crypto Currencies

The AMF draws up 2 lists, namely the white list and the black list on cryptocurrency. They serve as a reference for French investors to avoid scams. With the absence of trusted third parties to guarantee the safety of the investment like the central bank for traditional currencies.

It is necessary to put tags in place. The AMF's white list of ICOs is drawn up on the basis of the information documents of the companies opening the offer. Thus, it is based on cryptos that have received a visa from the authority.

So, it is on the veracity of this information that cryptos considered safe are established.

As regards the blacklist, on the other hand, the list is drawn up inversely. First of all, for the case of PSANs working in cryptocurrency, the AMF had set up a deadline of June 10 for registration. Passing this, all late companies are then named in the blacklist.

But cases of scams reported by individuals can also serve as a basis for blacklisting.

Finally, the 2 AMF lists also have counterparts. Indeed, there is also a whitelist and a blacklist on PSANs.

PS: these lists can be consulted freely on the AMF website.

Measures taken by the AMF to deal with Scams in Cryptos

Most of the measures taken by the AMF in the fight against cryptocurrency scams are preventive in nature. This is particularly the case with the blacklist, which serves as a preventive measure. It indeed warns as well for certain crypto, as for PSAN like crypto.com for example. But in the case of PSANs, being blacklisted is a penalty in itself. This means that the AMF also has some coercive power.

But in a general way, the authority enjoins especially with the prudence like the fact of adopting certain reflexes. But above all to choose the broker with whom to deal. The ideal is to use the service of PSANs that have been registered with the AMF.

Advice to the AMF to Fight Against Crypto Scams

The said law requires that the public offering of tokens be followed by a visa from the AMF. The visa in question serves as a guarantee for investors. It indicates that the authority has verified the documents concerning the company issuing the token and the offering of the token. This information is published to easily reach investors.

Here are the warning signs of a scam according to the AMF:

1. The legal notices are absent from the company's website.
2. Remain vigilant despite the presence of legal notices. Indeed, the information provided may also be false.
3. Having trouble identifying bank details given by the platform.

What are the Safe ICO Classified Crypto Currencies – AMF Opinion?

To help secure investors' funds, the AMF offers its list of safe cryptocurrencies. These are those that have met the requirements for ICOs according to the standards imposed by the PACTE law. This list is also a requirement of the AMF's general regulation in its article 713-3: "The AMF publishes on its website the list of token offerings that have obtained its visa and the date on which it was obtained." The list of ICOs is accessible and downloadable on the AMF website. It is currently:

These are the ICOs that have received the approval of the AMF and therefore its visa.

In addition, the PACTE bill provides that two types of funds will have the possibility of investing in digital assets:

• specialized professional funds (FPS), but subject to compliance with the liquidity rules, as well as the valuation applicable to them;
• professional investment capital funds (FPCI) within the limit of 20% of their assets.

The PACTE Law: the Legal Basis of Crypto Currencies in France

This PACTE law (Action Plan for the Growth and Transformation of Businesses) has a strong interest in a reform plan for retirement savings. But also to develop long-term savings for an increase in business financing through private actors.

Adopted after a final reading by the National Assembly on April 11, 2019. The first idea in the spirit of this law was to establish regulations for fundraising via the issuance of tokens (ICO). But also to best regulate the PSANs in their activities.

This law defines the various powers and roles of the AMF. On the one hand, in the sanitation of ICOs and crypto currencies with the optional visa. But also the control operate with crypto currency platforms by drawing up a white list for those who are safe.

The Enforcement of this Law by the AMF on PSANs and ICOs

The application of the provisions of the PACTE law on PSANs and ICOs is mainly concentrated in a form of control, inventory and listing. Here are the measures taken by the AMF to apply this law:

Enforcement of this PSAN Law – Role of the AMF

The AMF, through the PACTE law, has the role of supervisory authority. Indeed, a cryptocurrency platform approved by the AMF is placed directly under its supervision. These digital assets which include both tokens from ICOs and also virtual currencies (Bitcoin, Ethereum, Ripple, etc.).

By receiving this status of approved PSAN from the supervisory authority, these activities will be accessible to them:

• digital asset custody service on behalf of various third parties;
• purchase and sale of the various digital assets and also the conversion into legal tender currencies or other digital assets;
• platform operation for trading various digital assets;
• various services relating to digital assets such as: reception and transmission of orders on behalf of third parties, portfolio management or third party wallet, underwriting, advice, guaranteed and unsecured placement;

The AMF's approval of service providers places them on a basis of common rules for all services. But also special rules regarding the own services offered by the provider.

A decree and the general regulations of the AMF will provide details for each service according to the directives of the PACTE law. The aim is to guarantee the integrity of the market and to set up an efficient and transparent means for price formation. This will ultimately provide a reliable information base and serious guarantees for investors.

PSAN Lists Regulated by the AMF

The white list of PSANs is drawn up on the basis of the conditions set out in the PACTE law. According to the opinion of the AMF, these PSANs are the safest cryptocurrency platforms in the market.

1. COINHOUSE SAS
2. COINHOUSE CUSTODY SERVICES SAS
3. LGO Europe SAS
4. STACKINSAT SAS
5. SHEELDMARKET SAS
6. BITPANDA GMBH
7. SATOSHI DEV SAS/CYBER MONEY COMPTOIR
8. EMMANUEL MANAGEMENT SAS
9. BYKEP SAS (formerly KEPLERK BLOCKCHAIN ​​SAS)
10. HEXADIGITAL SAS/BITCOIN AVENUE
11. PAYMIUM SAS
12. DIGITAL EXCHANGE SAS/ZEBITEX
13. DIGITAL BROKER SAS/ZEBITCOIN
14. LEONOD SARL
15. 2525 VENTURES BV/LITEBIT
16. JUST MINING SAS
17. DESKOIN SAS
18. KAMIX SAS
19. FLOWDESK SAS
20. TRAKX SAS
21. DUX SAS/DUX RESERVE
22. BLOCKCHAIN ​​PROCESS SECURITY SAS/FEEL MINING

However, although the cryptocurrency platform eToro is not approved by the AMF, it is the one we recommend. Indeed, it is regulated by other authorities at the international level such as the CySEC or the FCA.

The Future of Cryptocurrency Regulation by the AMF

With the rise of cryptocurrencies within the real economy, the AMF must review its position. As we have seen, the PACTE law strengthens the powers of the AMF to best protect investors against cryptocurrencies in 2025. This protection through the regulation of ICOs and PSANs is seen in the implementation of sanctions that can be imposed by the AMF against them. The most severe sanction being the inclusion of the cryptocurrencies or the ICOs and PSANs on the AMF blacklist.

In addition, the AMF must broaden its perception and acceptance as much as possible for both cryptos and platforms. It should then review its opinion on level platforms such as the case of the broker eToro which enjoys worldwide fame. In addition, our article on the definition of cryptocurrency could also enlighten you on this asset.