French regulator worries about ICO and calls on EU to take action
President of the Financial Department markets France (AMF) Robert Ophel highlighted several problems, which cause the most concern for the regulator. Ofel believes that the existing European legislation does not allow effective determination of cases when additional requirements should be imposed on ICOs. About this writes Finance magnates.
By the whole visibility, height popularity ICO forced AMF to convert his attention to this financing method. After analyzing several examples, the French regulator concluded that the current legislation at all does not allow ICO to be qualified as-or way.
After years discussions last month, the European authorities finally decided impose giants like Apple, Amazon, Facebook and Google, additional tax. Previously they are used loopholes in tax legislation, such as paying tax in Ireland at reduced rates.
Ophel calls on the French authorities to take immediate action, pointing to the rapid development of innovation in the financial and technological sector. IN then the same time AMF Says Regulator Frequently Asked by Startups, going to conduct an ICO and those wishing to receive advice on the requirements that may be presented to their campaigns.
“ICO is not relate to public offerings of securities, public funding or intermediation (all of the above are subject to certain requirements) “, – explained Ofel.