French financial regulator concerned about ICO

Head of Autorité des Marchés Financiers urged the authorities of France and the EU determine the legal status of the ICO
09 October 2017   2618

The head of the French Commission for the Supervision of the Financial Market (Autorité des Marchés Financiers, AMF), Robert Ophele, is convinced that the existing European legislation is ineffective with regard to the regulation of the ICO. This is reported by Bitcoin.com.

In Ophele's opinion, European legislation does not allow to qualify the ICO in any way and does not make it possible to determine the cases when additional requirements must be made to the ICOs.

The AMF is currently analyzing the legal status for ICOs. Which are in the process of developing in France. We want to have a  position on the subject, to act without waiting for Europe to deal with the subject because it will be too late in terms of investor protection.
 

Robert Ophele
Head, AMF

Also, Ophele urged the authorities of France and the EU determine the legal status of the ICO. According to the head of the AMF, this should contribute to the development of innovations in the financial and technological sector.

Meanwhile, AMF representatives report that the regulator is often approached by start-ups that are going to conduct ICO and who want to receive advice on the requirements that may be raised for fund-raising campaigns.

 

Dutch Crypto Startup Founder Busted

Komodore64 said they developed blockchain games and sold $86 000 000 worth K64 tokens, but investors don't receive any profit
13 November 2019   135

Dutch police arrested the founder of blockchain startup Komodore64, who allegedly raised $ 86 million from private investors. The company has already filed for bankruptcy, and investors and employees accuse it of fraud, according to Sprout.

Komodore64 developed blockchain games and invited investors to invest in the K64 native token. One of the investors, the newspaper writes, lost 600 thousand euros. As soon as partners and employees publicly stated that they had not received the promised fees, the company filed for bankruptcy.

Founder Sam Narain allegedly convinced investors that the startup supported the banking giant Goldman Sachs, but a group of bank representatives at one of the meetings turned out to be fraudulent.

In recent weeks, Narain has been living in the Hague Hilton, where he was hiding from angry investors. The names of his possible accomplices are still unknown, as is the fate of money.

Employees claim that only a party in honor of the launch of the project cost tens of thousands of euros.