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.
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.