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AMF is warning retail investors on the importance of consulting the white list of digital asset service providers (DASPs)
29 July 2021

AMF is warning retail investors on the importance of consulting the white list of digital asset service providers (DASPs)

The AMF is calling on the extreme vigilance of retail investors when dealing with offers to invest in crypto-assets. The regulatory authority reminds of the existence of a white list of DASPs registered on its website and the importance of referring to it before considering an investment in crypto-assets.

For several months, the AMF has received numerous requests from investors regarding offers or services providers offering to invest in digital assets, commonly known as "crypto-assets". The AMF Epargne Info Service investor relations center frequently receives questions about the status of French or foreign entities not currently registered as DASPs. Registration with the AMF is obtained after a number of verifications on the good repute of the managers and on the anti-money laundering system, and as such, it provides a guarantee of reliability. Moreover, the AMF notes that offers of false investment in crypto-assets made by fraudulent platforms have become the first theme of scams reported to the AMF by retail investors, ahead of Forex in terms of number of complaints.  The sums reported to have been defrauded average more than €15,000 per retail investor.

In this context, the AMF recalls that a PSAN must be registered with the AMF in order to be able to offer the following services in France :

  • custody of crypto-assets or access services to crypto-assets ;
  • purchasing or selling of crypto-assets against legal tender ;
  • exchange of crypto-assets against other crypto-assets ; and
  • operation of a trading platform for crypto-assets.

Hence, in case of solicitation, whether in the form of promotional communications or telephone calls, you should always check that the service provider is registered as a DASP with the AMF by consulting the white list.

Any service provider offering one of these four services in France without being registered may be on the AMF's blacklists. Do not forget to check if the service provider offering you these services is not on the page of warnings and blacklists of unauthorized companies and sites.

Lastly, the AMF reminds retail investors to follow these vigilance guidelines before making any investment :

  • Be wary of promises of quick profits without trade-offs. There is no such thing as high returns without high risks.
  • Do not be rushed or give into pressure from the caller. Take time to think it over.
  • Be suspicious of requests for money transfers to countries that have no connection with the company or with the investor’s country of residence.
  • Do not take information provided by companies, whether orally or in writing, at face value. Using a false identity is easy and it is a widespread problem.
  • Do not give your personal information (phone numbers, email address, ID documents, bank details, IBAN, proof of residence, etc.) to websites that you do not believe are trustworthy.
  • Beware of advertisements that you see on the internet and especially on social media. They are the hunting grounds for scammers phishing for new victims.
  • If the company that has contacted you has not been blacklisted by the AMF, this does not mean it is authorised to provide you with financial services.

  Any additional questions ? You can get information on the website of the Autorité des marchés financiers :

  AMF : https://www.amf-france.org/ or call +33 (0)1 53 45 62 00 from Monday to Friday from 9am to 12:30pm and 1:30pm to 5pm.

  You can also download the AMF Protect Epargne application, available on iOS or consult it on your browser at the following link : https://protectepargne.amf-france.org/