Local news channel Les Echos said that the AMF, the organizer of the French financial markets, is in the process of issuing a new regulation to promote ICOs in the country.
The French Ministry of Economy and Finance confirmed that ICOs would be considered a legitimate investment instrument as a result of the amendment proposed by the AMF. The Ministry stated that it is necessary to consult with institutions and organizations about the subject. The statement made by the Ministry of Finance is as follows;
"Our aim is to legitimize regulations without investors knowing what to do. We have a fairly liberal approach. We work for a flexible and non-deterrent arrangement. We also know that it may be risky at the same time."
This change came after the government banned 15 cryptographic currencies and stock market web sites. The government has said it has illegally marketed its web sites to assets.
After the editing for the ICOs, the developers will be able to present their projects to the end market for licensing from the AMF. According to AMF, projects that are going on without a license will not be prohibited; it means that licensed ICOs will need to provide investors with guarantees about the use of funds.
The French government's legal support for ICOs came after the US Securities and Exchange Commission's (SEC) skepticism that it severely regulated ICOs and violated existing laws.