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France issues a warning to citizens against using unauthorised cryptocurrency platforms

Presently, France is creating a legal framework for initial coin offerings, which is expected to be finalised next year.

June 21, 2018 / 06:46 PM IST

The world of cryptocurrency is inviting various views and this time, a new warning has been issued by France’s financial markets regulator, The Autorité des Marchés Financiers (AMF). It has cautioned its citizens against various business entities operating crypto trading business without the government’s consent.

On Monday, the notice against four unauthorised platforms offering cryptocurrency investments was issued along with a warning. According to a report by Bitcoin News, the four websites blacklisted in the domains offering crypto investments without authorisation:

  • https://www.bitoraxe.com/

  • https://connect-coin.fr/

  • https://www.solutioncrypto.com/

  • https://www.solution-crypto.com/

However, at the time of this writing, AMR brings it to the notice that connect-coin.fr is already offline. The other three are still live but all traffic of solution-crypto.com is redirected to solutioncrypto.com.

Presently, France is creating a legal framework for initial coin offerings (ICOs), which is expected to be finalised next year. Clamping down on bitcoin derivatives was started by the agency in February. The tax rate on crypto capital gains was slashed in the country from 45% to 19% in April.

The AMF being an independent public authority, is responsible for ensuring that savings invested in financial products are secured. Law no. 2016-1691 on transparency states that – No investment offer can be directly marketed in France without a registration number or seeking prior consent from the AMF.

Previously, the AMF had published a list of 15 websites offering crypto investments without authorisation. Three lists of unauthorised websites are maintained by the regulator – one for Forex products, one for binary options, and one for other goods including diamonds, wines, and cryptocurrencies. The agency started keeping track of blacklisted sites in July last year and began including crypto sites in December.
Moneycontrol News
first published: Jun 21, 2018 06:46 pm

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