The European country approved the use of the first ICO that will be similar to a Visa.
Web news related to the crypto market in France informed that the French Financial Markets Authority (AMF) would have authorized for the first time a so-called Initial Coin Offering (ICO), but this time, using a Visa figure to conduct the event.
According to information collected at the time of its approval, it was announced that French-ICO was the crypto collection platform that received the so-called “ICO Visa”. For the data collected, the company managed to collect all the requirements demanded by the French authorities and all those required by law. It even collected a technical document with understandable specifications for investors who are interested in the services they would offer.
Since some opinions are focused on the world of cryptocurrencies, companies must develop a document, which can explain, in detail, the movements of the company. This is usually essential to attract investors since this technology usually turns out to be unknown for many people, so without the right information, it could ruin the investment decisions of many entrepreneurs. This creates a bad reputation for cryptocurrencies for making a bad investment in a technology that was unknown for the investor.
In this way, ICO Visas are a feasible method so that all sales do not involve unnecessary risks for the investor. It is for this reason that for each investor who applies for the Visa, he must demonstrate to the authority that he knows the investment risks and that he has understood all related information about the use of his money in the company.
Although this helps investors to know all the risks and help them make a correct decision, complying with all the requirements demanded by the regulator, it is not an easy task. The authority will only approve public offers of tokens that are considered useful. The applicant must also be registered in the country.
Besides, the company must comply with a fund which assures investors of their money in the event of default by the company. Especially, it ensures the compliance of all the requirements that are demanded by the entities responsible for fighting money laundering.
Another determining factor in the complexity of granting the Visa is that once it has been approved, an approximate time of six months must be expected for the Initial Offering to be made.
France at The Vanguard of Cryptographic Regulations
It is a great advance that France approves the completion of the ICO Visa, since, at the beginning of the current year, one of the most complete legal frameworks in the world of cryptocurrencies has been established. This demonstrates a significant advance in everything related to the regulatory environment of the crypts.
The law that was passed earlier this year in France, saves companies linked to the crypto industry by suggesting to be registered and subject to the regulations dictated by the AMF. However, it is not illegal for an unregistered company to have an ICO. What the company could not do in that case, in France, is make sales to future investors.
By María Rodríguez