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France approves 1st initial coin offering


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France approves 1st initial coin offering

French markets authority AMF has given its approval for the country's first initial coin offering by fintech French-ICO, which has developed a platform for financing projects with cryptocurrencies.

The approval will be valid until the end of the subscription period of June 1, 2020, and will permit the company to market the offering, the AMF said Dec. 18.

It also means that the issuer has provided minimum guarantees provided by law and does not constitute an approval of the token issuer. Issuers must provide investors with an information document on the offering to allow them to assess the risks involved, the AMF said.

An approval scheme for fundraising in crypto assets was enshrined in France's "Loi Pacte," a new legislation designed to boost investment in the country.

Earlier in 2019, Facebook Inc. unveiled a plan to introduce its Libra cryptocurrency — a type of stable coin — in 2020, prompting a backlash from authorities in several countries, including France, the U.K. and the U.S.