In France a draft law to regulate ICO

In France, two public bodies — the Treasury and the financial regulator (AMF) has developed a bill proposing a number of regulations governing the initial placement of tokens (ICO) in the country.

«France should become the first country in the world where you will formulate a special regulation to ICO. This will give us the opportunity to attract to our country the most promising projects», — said the Director of the AMF on legal issues Anne maréchal (Maréchal Anne).

It is expected that the bill will be submitted to the Council of Ministers in June, before Parliament in September, and perhaps by the end of the year will take effect. However financiers AMF, which are working on this issue for the past fifteen years, claim that the bill will come into force not earlier than the beginning of 2019.

«The new bill provides for the liability of AMF for hosting ICO», — said the Deputy Director of Treasury Sebastian Raspe (Sébastien Raspiller) conference on ICO organized by the law firm Kramer Levin.

«The government wants Paris became an innovative city, and this means that we need a flexible framework for the ICO,» — said the representative of the Treasury.

The owners of ICO projects may wish to come to AMF, register your project and to obtain official legal status. Director of legal Affairs, the AMF noted that the request for the imposition of supervision and regulation was made by the owners of ICO.

«Come to us very serious men that don’t want to be thought of as scams,» said Anne Marechal.

Thus the AMF subsequently verifies and guarantees compliance specified in the «White Paper» information. Namely, the existence of the mechanism of protection, the equivalent of escrow accounts that can use the blockchain via a smart contracts, and mechanisms for verifying the origin of money and the fight against money laundering.

«AMF cannot guarantee the reliability of the project or even the reliability of your code, exactly as cannot guarantee that the project will bring you income,» said Marechal.

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