France's Minister of Economy and Finance, Bruno Le Maire announces a new regulation for ICO to provide safeguards to investors.
When EU's standardized regulation for cryptocurrency and ICO is still unclear, France takes the initiative by introducing the approved ICO regulation in the country. The announcement was made by the Minister of Economy and Finance, Bruno Le Maire in his official Twitter account just a couple of days ago.
The new regulation stated that the AMF (Authorité des Marchés Financiers), French financial authority will be allowed to approve and issue consents to companies that plan to conduct ICO to raise capital.
It also means all ICOs are required to submit the information on their offerings in detail to the AMF, which would help investors in conducting due diligence prior to their investment decisions, as reported by The Next Web.
The new regulation aims to provide protection and serve as safeguard towards investors from fraudulent ICOs, which has become quite common these days.
Recently, it was reported by Chepicap that a Brussels-based financial research institution proposed a standardized regulation for cryptocurrency and ICO within the EU region to the EU Economic and Financial Affairs Council. Unfortunately, the effort didn't seem to manage to get the expected feedback.