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The Visa Delivered by the French Financial Regulator (AMF) to Issuers of Initial Coin Offerings (ICOs)

The French law of 22 May 2019 (known as the “PACTE law“) introduced a specific regime for ICOs, providing for the principle of an optional approval/visa issued by the AMF. This new regime, designed to promote the development of ICOs, does not apply to the issuance of tokens assimilated to financial securities (“Security Token Offering”/ “STO”) but exclusively to the issuance of so-called “utility tokens”.

Issuers of tokens falling into the category of utility tokens have the right (but not the obligation) to apply for a visa in order to make an offer to the public of tokens. The AMF visa is not issued to a token issuer but to a token offer.

Avec Thibault Verbiest

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