France’s Financial Markets Authority (AMF) has recently updated its blacklist of unauthorized cryptocurrency service providers, adding 25 new websites to its watchlist since June 11. This move is part of the regulator’s ongoing efforts to safeguard investors from potential fraudulent schemes in the digital asset space.
The AMF, which is responsible for overseeing France’s financial markets, routinely reviews and updates its list of websites that are illegally offering digital asset services and conducting fundraising through initial coin offerings (ICOs) in the country. With the latest additions, the total number of blacklisted crypto-related sites now exceeds 100.
Some of the newly identified unauthorized platforms include amzingnewdl.top, ascendex.com, bitcoineprex.ai, bitsacard.com, btceprex360.com, cryptoinnovatebot.net, cryptotrader.app, fin-maga.com, infosplacements.fr, immediate-genesis.com, and many more. The AMF has cautioned that these websites are not authorized to provide digital asset services in France. It is important for investors to consult the AMF’s website for the most up-to-date information on both authorized and unauthorized digital asset service providers.
In addition to maintaining a blacklist, the AMF also keeps a whitelist of registered digital asset service providers that are permitted to operate in France. However, the regulator reminds investors that even approved crypto projects carry inherent risks by their very nature.
Looking ahead, the European Union is preparing to implement new regulations for crypto-asset service providers starting December 30, 2024. The Markets in Crypto-Assets (MiCA) Regulation will mandate that all entities offering crypto-related services within the EU must obtain official authorization before conducting business.
In France, the AMF has already started accepting applications for this authorization as of August 2024. The MiCA framework will replace France’s current PACTE regime for new entrants to the market from December 30, 2024. Existing service providers operating under the current regulatory system will have until June 30, 2026, to secure MiCA authorization, allowing them to continue their operations until July 1, 2026.
During this transition phase, providers with existing French registrations or authorizations will not have access to the European passport system. As a result, they will need to ensure compliance with individual Member State regulations when offering services outside of France during this interim period.
Overall, the AMF’s efforts to regulate the crypto market and protect investors underscore the importance of due diligence and caution when engaging with digital asset services. Stay informed and stay safe in the evolving landscape of cryptocurrency investments.