AMF (Autorite des Marches Financiers) is a French stock market regulator and in a press release, they recently announced that on 15th March, 15 cryptocurrency websites have been blacklisted by them.
15 companies were blacklisted by press release, as these companies nonstop advertised and marketed their products and services to the French public as investment opportunities, even with the new regulations. Such businesses that illegitimately offered investments in commodities such as; diamonds and other metals are also in this blacklist.
Press Release Statement
According to the press release;
“The investment proposals highlighting the possibility of financial returns or similar economic effects involve intermediation in miscellaneous assets and are now subject to ex-ante control by the AMF. Consequently, no offer can be directly marketed in France without prior allocation by the AMF of a registration number.”
This statement also reminds customers that high profits always include high risks so; advertising materials shouldn’t make you overlook that fact. Moreover, it suggested its customers to work hard enough before making any investment, and get knowledge about their company as much as possible. They also advised their customers to invest in a product only if they completely understand it.
Last year, Francois Villeroy de Galhau (Governor of the Bank of France), issued a warning in December and claimed that Bitcoin is a speculative asset, and there are high risks of investing in it, unlike other digital currencies. French regulators this move follows an array of apprehensive attitudes toward cryptocurrencies from the French government.
Jean-Pierre Landau’s Views
Jean-Pierre Landau is an open Bitcoin critic and in January, he was appointed by the French Minister of the Economy, to assign a task of examining cryptocurrency regulation. Landau sometimes calls Bitcoin the “tulips of modern times” referring it to Tulip Mania, as in 17th century, Europe was flounced by it.