French market regulator adds 21 cryptocurrency-related websites to its “liste noir”
In a decisive action, the French stock market regulator, Autorite des Marches Financiers (AMF) announced on Wednesday that it is blacklisting 21 new investment websites, which include a number of cryptocurrency-related sites, according to a press release by the French regulator.
In a statement, the French regulatory authority AMF characterized the new additions as “unauthorized websites” that offer “atypical investments,” and directs users to its existing blacklist, which it notes is “not comprehensive.”
As reported by BC Focus, earlier this year in March the French stock market regulator had blacklisted fifteen cryptocurrency and crypto-asset investment websites.
The regulator has added the blacklisted offenders' platforms to their already existing list called “Liste noir”, which includes business platforms that illicitly offer investment in commodities like diamonds, rare earth metals, and wine.
In a statement released earlier this year, the stock market regulator had cautioned the investors that no sale pitch should make one forget that there are no high returns without high risks. They have repeatedly warned the investors to pay careful attention to the investments they are considering and to weigh the criteria used to establish a product price.
In a similar move earlier this month, the Belgian watchdog, the Financial Services and Markets Authority (FSMA) added 28 new sites to its crypto-specific fraud blacklist and reiterated its warnings to consumers about fraudulent actors in the space.
France’s AMF has just this month received new legal powers to grant licenses to companies that run Initial Coin Offerings (ICO).
This latest move by the French regulator comes only days after Bruno Le Maire, finance minister of France passed a new law which laid down guidelines for initial coin offerings (ICOs). The new framework is expected to turn the country into the next cryptocurrency haven.
As per the new law, the financial regulator will be the issuing authority of permits that will allow businesses to float ICOs in France. However, this will only be permitted to projects that "provide specific guarantees for investors.”
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