France's financial regulator is advancing rules for token-based fundraising, its leadership confirmed this month. Robert Ophele, head of the AMF (Autorite des marches financiers), revealed to Challeng
France's financial regulator is advancing rules for token-based fundraising, its leadership confirmed this month. Robert Ophele, head of the AMF (Autorite des marches financiers), revealed to Challenges magazine that his agency is developing a regulatory framework. "We want to get a quick position on the issue," Ophele stated, though specifics on the timeline remain undisclosed.
France joins other nations committing to regulate token fundraising. Highlighting the appeal of digital currency technology, Ophele underscored its capacity to move value across borders rapidly and without transaction costs. Yet he balanced this optimism with a sobering caveat: "[Cryptocurrencies] can very easily be the receptacle of all that one wants to avoid: tax evasion, money laundering or the financing of terrorism."
Across the globe, policymakers are grappling with how to govern both token offerings and digital currencies. The United States has already begun shaping its regulatory path. In July, the SEC released findings determining that DAO tokens qualify as securities. SEC chairman Jay Clayton explained the agency's approach: "The SEC is studying the effects of blockchain and other innovative technologies and encourages market participants to engage with us. We seek to foster innovative and beneficial ways to raise capital, while ensuring – first and foremost – that investors and our markets are protected."
Shortly thereafter, the SEC signaled openness to certain token structures. Tokens such as Filecoin, Civic, and Gnosis—which function more as future service credits than equity claims—appeared to fall outside the definition of securities. These tokens operate like prepaid vouchers rather than ownership stakes, placing them beyond SEC authority.
Regulatory positions diverge significantly worldwide. Canada has adopted a cautious, wait-and-see posture. China and South Korea moved far more decisively, with both nations imposing blanket bans on token sales in September. China's authorities went further, ordering the shutdown of domestic cryptocurrency trading platforms. South Korea's Financial Services Commission extended its crackdown to encompass a ban on leveraged trading of digital currencies.
France's ultimate regulatory stance on token-based fundraising remains unclear. What appears certain is the global trend toward active oversight. Russia provides a new example. Vladimir Putin recently voiced support for cryptocurrency regulation, acknowledging the sector's significant risks while expressing wariness of overly restrictive measures. Russian finance minister Anton Siluanov has indicated that formal legal recognition and regulation targeting money laundering could materialize during 2018.
