France with a Minor Share of the Global ICO Market while the U.S. Leads

French financial markets regulator AMF (l’Autorité des marchés financiers) released a report on Initial Coin Offerings (ICOs) yesterday, November 14, concluding that ICOs in France represent a minor share in the global ICO market.
The recently concluded research estimated that the total amount raised by the global ICO market since 2014 is about 19.4 billion Euros ($21.8 billion). The ICO market has rapidly increased since 2016, and most of the market share was experienced in 2017 and the first nine months of 2018. In this space of time, 13.4 billion Euros ($15 billion) has been raised.

The Growth of the Global ICO Market

France has had 15 ICO projects with 89 million Euros ($100 million) raised and this has accounted for its very small share of the market. The research further notes that most of the ICOs have been carried out in the U.S. The financial markets regulator, l’Autorité des marchés financiers, states that ICOs made up 1.6 percent of the global equity financing in 2017.
On the matter of the internal market, the AMF highlighted a key role in this new means of raising funds as used by small firms to preserve the integrity of their capital. The financial markets regulator also stated that local ICO projects were aiming to be integrated into other industries, and these projects could raise up to 180 million Euros (about $202 million).
AMF further spoke on the fact that the blockchain needs policies to ensure the safety of funds by investors, reiterating the need for anti-money laundering (AML) requirements, and a level of transparency.
The AMF also talked the recent initiative by the French Ministry for the Economy and Finance that approved the Action Plan for Business Growth and Transformation bill (PACTE) dedicated to ICOs in September 2018 is being examined in Parliament. It was also said that, in order to enhance smooth regulation of the market, there needs for international collaboration, given the cross-border nature of the blockchain industry.
This report was released after the start of the UNICORN program, a representation of supportive basis and an attempt to build a regulatory approach to “all new fundraising activity based on cryptocurrencies and Blockchain technology.”
The Finance Committee of the lower house of French parliament just last week, suggested amendments on taxes that would equate taxes on crypto sales to those on income taxes, giving a reduction to 30 percent from 36.2 percent from the start of the new year.
In September this year, 21 investment websites were blacklisted by the AMF. This included websites related to crypto that offered “atypical investments.” The financial market regulator had previously added 15 other websites to the blacklist in March this year, citing risks that accompany online systems with promises of high-profit yield.

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