Cryptocurrencies: the AMF is working on new rules :


The Autorité des marchés wants to regulate the platforms that offer derivatives on cryptocurrencies.
The Autorité des marchés financiers (AMF) considers that platforms offering derivatives on cryptocurrencies must obtain prior approval and can not be advertised electronically. "After an analysis of the legal qualification of cryptocurrency derivatives, the Autorité des marchés financiers concludes that the platforms offering these products must comply with rules of approval, good conduct and that these products must not to be advertised electronically, "the AMF said in a statement.

This decision of the stock policeman comes in a context of craze, for some months, for cryptocurrency, a fever that has led many trading sites to offer derivatives on virtual currencies, or contracts to bet on the rise or the decline of a cryptocurrency without holding this asset, the AMF recalls.

Comply with "rules of accreditation"

In the absence of a definition of the notion of a derivative product in European law, the French regulator considered that "such a contract settling down by a cash settlement can be considered as a financial contract, without it being necessary to legally qualify cryptocurrencies, "he says. Consequently, the AMF concluded that the regulation applicable to financial instruments also applies to platforms offering these cryptocurrency derivatives.

It requires them to comply "with the rules on approval, good conduct, reporting transactions to a central repository under the EMIR European regulation", details the stock policeman. "Above all, these products fall under the prohibition of advertising introduced in France on certain financial contracts by the law Sapin II," says the AMF.

In early January, the French securities regulator had launched on Twitter a warning on the risks of bitcoin, in response to starlet Nabilla, who had touted in a video the merits of cryptocurrency. For its part, the regulatory authority for futures and derivatives in the United States (the CFTC) authorized the end of 2017 exchanges of financial products to speculate on the rise or fall of bitcoin in financial markets where Derivatives such as the Chicago Mercantile Exchange (CME) and the Chicago board options exchange (Cboe) are traded.
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