AMF French Financial Regulator Shows USA Tops The Global ICO Token Market, Raising Near $22 Billion Total
US Leads ICO Global Market And France Accounts for Only A Minor Part Of It
A new report on Initial Coin Offerings (ICOs) made by AMF (l’Autorité des marchés financiers), a French financial market regulator, has reported that France only represents a very minor portion of all the ICOs in the market.
In this same study, the United States, however, appeared with the largest ICO share in the market. As the country is big and has the biggest economy in the world, no surprises in that.
The study accounts for the ICOs since 2014 and it affirms that they have experienced a fast growth rate since 2016, but that most of the market share has been concentrated in 2017 and the first three quarters of 2018.
As the AMF reported, France has only accounted for a very small share of the ICO market by raising about $100 million USD via 15 ICOs. This made France have only 1.6% of the ICO market in 2017, according to the reports.
Regulation And Transparency
The AMF has affirmed that the industry currently lacks both regulation and transparency now in France. According to them, the secret for having successful ICOs and for developing a secure environment for this kind of investment is to properly regulate them so the investors can trust them.
Also, it was noticed that the industry needs to adopt effective anti-money laundering (AML) requirements and that this would help to get a higher level of transparency.
The AMF praised a new initiative by the French Ministry of Economy and Finance that approved the Action Plan for Business Growth and Transformation bill (PACTE) dedicated to ICOs. Now, the Parliament will examine this measure before it is accepted.
According to the reports, the new UNICORN program will also be very useful for the ICO industry, as it represents a supportive basis for the development of a regional regulatory approach.
In related news, France is now proposing to tax crypto gains less than the country has used to and to reduce them from 36.2% to 30% starting January 1, 2019.
Early in September, the same AMF that made the study blacklisted 21 French investment sites that were not regulated.