The Autorité des Marchés Financiers (AMF), France’s financial markets authority, announced yesterday that it has approved a local project called French-ICO for local public sale. This is France’s first ICO that is officially approved and the issuance of tokens hopes to raise a maximum of 1 million euros.
The ICO boom retreated last year and this year due to many fraudulent projects among them. Investors have avoided this and regulators in various places have also stepped up their efforts to crack down on illegally raised funds and fraudulent schemes in the name of ICO. However, France has not legally prohibited the development of ICO projects locally, but these projects cannot be publicly issued directly to investors locally. Unless the project team voluntarily applies to the AMF and obtains approval from the authorities. French-ICO is a blockchain company that wants to build a platform to fund projects using cryptocurrencies.
According to the website of the AMF, only French-ICO is currently on the white list and its validity will be until June 1, 2020. At the same time, the authorities also emphasized that only this project was approved, rather than its team, which could issue tokens at will. According to the current regulations, each project team can only apply for an ICO project within 6 months. By definition, ICOs are considered by the authorities to use blockchain technology to issue tokens to raise funds, and these tokens can be used to purchase goods or services.