The Autorité des marchés financiers (AMF) has decided to strengthen its doctrine concerning digital asset service providers (PSAN). She focused on two aspects of this doctrine. These are repute and competence. At the same time, the AMF is strengthening its policy on promotional communications from entities providing crypto services. Discover the new measures published by the regulator French.
New rules for crypto service providers
The many malpractices in the sector soon convinced regulators of the need for crypto regulation. This year, there has been a lot of effort in this direction, with governments wanting to better protect investors. In France, the Autorité des marchés financiers (AMF) has not remained on the sidelines of the generalized regulatory movement. It has put in place a certain number of rules which it now decides to reinforce, for more security.
According to the article presenting the new rules, the AMF amended AMF Recommendation DOC-2020-07 and AMF Instruction DOC-2019-23. That said, the AMF authorizes a financial investment advisor (CIF) to offer its services to subscribers of cryptos, without approval. However, the CIF will have to respect a certain number of rules. He also has the option of applying for a license to officially offer the services as a PSAN.
In addition, the AMF has made recommendations relating to the promotional communication of crypto service providers. She said: ” Lhen its clientele consistsat least partly consumers, a PSAN, registered or approved, must ensure that its promotional communication is clear and not misleading “. To this end, the PSANs must add to their promotional content warnings and specific information on the risks.
The AMF also explained: When the PSAN is not licensed and carries out activities other than services on digital assets, it must ensure that the publicity effect of the sponsorship operation is identifiable by the public as not targeting services on assets. digital “.
The AMF has indicated that PSANs are required to have a complaints management policy. Also, they must be able to keep this policy operational. ” The AMF recommends that registered PSANs set up such a complaints handling system “, underlined the French regulator. The AMF said it adjusted ” the documents requested in terms of good repute and competence of candidates for PSAN registration “.
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