The French financial market authority, Autorité des Marchés Financiers (AMF) has blacklisted 21 websites involved in the promotion of cryptocurrency scams in the country. This step was taken to safeguard the France cryptocurrency space against the menace of fraud.
France Blacklisting Of Fraudulent Related Websites
The French financial market authority released a publication of official blacklist fraudulent business in France, Autorité des Marchés Financiers (AMF). The latest list consists of 21 new names of companies in the crypto space that are involved in illegal operations.
Notably, the 21 websites were alleged to have offered investment opportunities in initial coin offering ICOs, crypto mining, and trading without obtaining due approval from the authority. This is considered fraudulent under the law and will make users of the site or clients of businesses to fall prey to malicious activities or operation on their platforms.
The new publication of the regulatory body of the French financial market AMF updated the previous 15 websites blacklisted six months ago and four sites added in July to the list for a similar issue. This is in furtherance of the regulatory authority to keep the cryptocurrency space safe for legal operation in the country.
The new businesses added to the list include bitcoin.co, acheterdubitcoin.com, adg-placemnet.com, cryptofrance.info, goodcoin.fr, investirvin.info, vinsimo.com, and others.
Despite the absence of a clear definition for cryptocurrency space and market in France, the country has been making considerable efforts through the French financial market authority, Autorité des Marchés Financiers (AMF) to make the system safe for its citizens.
The French law believes cryptocurrencies are not to be considered currencies nor regarded as a financial instrument. AMF had made a considerable effort in subjecting crypto derivatives to the rules applicable to the financial instrument under the monetary and financial code of France.
Also, the French legislators adopted a regulation to give guidelines to regulate sales of tokens in the country recently. AMF was given sole authority over businesses planning ICOs in the country.
Further, the law requires certain conditions to be met by the businesses interested in conducting these ICOs. The requirements include proving specific guarantee to participants, publication of relevant information to guide investors in making the appropriate choice in investing.
The new law is part of the effort of the French government to create a conducive environment for cryptocurrency growth in the country. Recently, the tax rate on cryptocurrency gain was reduced from 45% to 19%, as the country seek to be a haven for crypto investors.