France blacklists crypto firms

France’s Financial Markets Regulator (AMF) has issued a warning against four unauthorised cryptocurrency firms, who are illegally providing investment services to domestic clients.

The four websites added to the AMF’s blacklist are: 1. https://www.bitoraxe.com/, 2. https://connect-coin.fr/, 3. https://www.solutioncrypto.com/, and 4. https://www.solution-crypto.com/.

The AMF says all approved financial firms are listed on www.regafi.fr, while the list of authorised intermediaries in additional investor advisor categories can be viewed at www.orias.fr/search.

It has been keeping busy regulating cryptocurrency operations. In February, it banned cryptocurrency derivatives advertising and distribution. The AMF says that all brokerage firms promoting cryptocurrency derivatives must comply with a set of regulations and implement ethical policies and protocols before seeking approval.

In April, France reduced tax ‎rates on revenues generated by cryptocurrency transactions as well as the high-band rate from ‎‎45% to 19%.‎ The measure came after French courts issued a ruling defining cryptocurrencies as “moveable property.”

In March, France Finance Minister Bruno Le Maire said that, “Although we are benevolent about the potential and opportunities of the blockchain, we are also cautious.” He also announced that the AMF would present legislative framework to allow companies launching an Initial Coin Offering (ICO) to “demonstrate their seriousness to investors.”

 

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