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France’s New Framework for ICOs and Tokens: Simple, attractive and protective

The “PACTE” law introduces the possibility for ICO issuers to apply for an optional visa from the French Financial Markets Authorities (AMF) for a public offering of tokens.

  • The AMF is the single point of contact for ICO issuers.
  • It is the sole competent body for granting the visa, after examination of the submitted file.
  • It ensures, during the course of the offering, that issuers comply with their obligations in relation to the visa.

This regime applies to public token offerings which are not covered by another legal regime, in particular offerings of tokens which are not considered as financial securities.

  • If tokens have the characteristics of financial securities, as defined in French law1, their issuance will be covered by the regulation applicable to public offerings of financial securities, which generally implies the obligation to draft a prospectus approved by the AMF and compliance with existing regulations (in particular MiFIDII and MAR).
  • Some public token offerings may be covered by other existing regulations such as the legal framework applicable to “ intermediation in other goods ”...


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