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   2820

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.

 

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   198

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.