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What are the conditions to be complied with to obtain approval for an initial coin offering (ICO) ? How to submit my draft information document to the AMF? Find here all the useful information for preparing your transaction.
An Initial Coin Offering (ICO) may be defined as a fundraising transaction carried out through a distributed register system (or "blockchain") and resulting in a token issue. These tokens can then be used to obtain goods or services, as the case may be.
French Act No. 2019-486 of 22 May 2019 (the PACTE Law) has introduced a specific system for initial coin offerings, providing the principle of an optional approval issued by the AMF. This new system is intended to promote the development of ICOs and does not apply to Security Token Offerings (STOs), but only to the issue of utility tokens.
Issuers of tokens coming within the category of utility tokens may (but are not obliged to) request an approval in view of carrying out an ICO. The AMF approval is issued to the ICO and not to the token issuer.
To carry out an initial coin offering, you may apply to the AMF for an approval. If you are considering this possibility, we invite you to contact the AMF personnel at contactICO [at] amf-france.org. We will propose that you come and present your project in the offices of the AMF so as to assist you as well as possible in your transaction.
To obtain an approval from the AMF for an initial coin offering, you must:
The draft information document should be submitted to the AMF, together with the documentation listed in paragraph 3.1 of AMF Instruction DOC-2019-06.
You must also send to the AMF, prior to their publication, the draft promotional marketing materials for the ICO (websites, e-mailing, banners, etc.). The AMF will check that these drafts offer the guarantees required by Article 713-5 of the AMF General Regulation.
After examining the application, the AMF may decide to give its approval or refuse it.
NB: Although this approval is optional and ICOs without AMF approval will therefore continue to be legal, only those public offers that have received the AMF approval may be marketed directly to the public in France.