The AMF responds in to the European Commission’s consultation on crypto assets.
The regulator defines any crypto asset as “a digital asset that may depend on cryptography and exists on a distributed ledger,”
The regulator believes that there is a lack of differentiation and they should be properly qualified and divided into categories of financial instruments and digital money.
“We believe it is important to keep the electronic money regime, which is relevant and should not be undermined by a new regulation. However, it would be useful to work on the articulation between the different regimes,” the regulator said.
In stablecoins the regulator sees the potential but also the threat and commented, that their authorities can baned if necessary.
There was also the topic of Facebook and their own cryptocurrency, which can significantly affect the economy and the regulator expresses a clearly negative attitude and is against this digital currency.
“This proposal would allow a regulatory framework to apply to any stablecoin regardless of its size,” “However, this requires the ability to draw a line between stablecoins which would be concerned by mandatory requirements and other payment tokens only partially covered by mandatory requirements.” the regulator said.
The regulator even stated that the scope of crypto assets should be limited in EU and the targeted effort should be increased.
He also remembered the traditional offers of ICO coins and their tempting initial offers and the resulting risks.
However, AMF, despite concerns last month, approved the registration of Coinhouse, a crypto trading company, ready to obtain a banking license in the country. It became the first company to obtain this type of approval from the regulator.
The position of the French regulator is quite confusing for how much in the last article from France we also discussed the Banque de France and its current examination of the digital euro on the basis of an official call.
Read it: Banque de France began to explore the Digital Euro
Also in the April 6 article, we looked at all facts across the world, and we found out, the increasing interest of all economies in the introduction of digital currencies to better manage the economic crisis and the COVID-19 pandemic.
Read it: Revolution of Digital Currency coming
Source: FINANCE MAGNATES