The Autorite des Marches Financiers or AMF announced in their press release that they added fifteen crypto-asset and cryptocurrency investment websites in their blacklist last March 15.
According to their press release, the listed companies ran afoul of the “Sapin II Law” that states:
“The investment proposals highlighting the possibility of financial returns or similar economic effects involve intermediation in different assets and are now subject to ex-ante control by the AMF. Consequently, no offer can be directly marketed in France without prior allocation by the AMF of a registration number.”
The press release listed fifteen of the offending companies who continued to market and advertise their services as investment opportunities available to the French public even if there are new regulations. The blacklist also has businesses that unlawfully offer investments in commodities like diamonds, wine, and rare earth metals.
According to the statement, they remind consumers that advertising materials should not make you overlook the fact that there is usually a high risk in investments that offer high returns. They further advised consumers to become duly diligent before they make an investment and learn as much as possible about the intermediary or company so these people can invest in a product that they understand.
The French regulators’ move follows a pattern of suspicious attitudes toward the French government’s cryptocurrencies. Last December, Francois Villeroy de Galhau, the Governor of the Bank of France warned that there are high risks in investing in Bitcoin. They claim that it is a speculative asset that is not a currency.
Last January, Bruno Le Maire, France’s Minister of the Economy, appointed Jean-Pierre Landau as the head of a task force that examines the regulation of cryptocurrency. Landau is an open Bitcoin critic and called the Bitcoin the tulips of the modern times. It is a reference to the Tulip Mania that swept Europe in the early 17th century.