ICO Regulation in France
The new regime introduced by the Pacte law “is intended to promote the development of ICOs,” the AMF detailed, adding that it only applies to the issue of utility tokens and does not apply to Security Token Offerings (STOs).

An issuer wanting to carry out an ICO may apply for approval from the AMF and meet a number of criteria. Firstly, it must be incorporated as a legal entity established or registered in France. Secondly, its whitepaper must be drawn up in accordance with Article 712-2 of the AMF General Regulation and with AMF Instruction DOC-2019-06.

A procedure to monitor and safeguard the funds raised by the ICO must be implemented and a system to ensure compliance with its anti-money laundering and financing of terrorism obligations must be put in place. The AMF emphasized:

Although this approval is optional and ICOs without AMF approval will therefore continue to be legal, only those public offerings that have received the AMF approval may be marketed directly to the public in France.

Sourced through Scoop.it from: news.bitcoin.com