French Regulator AMF Updates Warning on Illegal Cryptocurrency Companies

  • Autorité des Marchés Financiers (AMF), the French financial markets regulator, has added four more companies to its growing list of illegal crypto-related businesses.
  • The AMF introduced tax reforms in February this year, which basically lowered taxes that cryptocurrency traders and businesses had been required to pay.

The Autorité des Marchés Financiers (AMF), France’s financial regulatory authority, announced on Monday that investors should be wary of unlicensed cryptocurrency businesses. The independent financial markets regulatory authority identified four additional crypto-related firms that are reportedly offering illegal investment and financial services to locals.

The AMF published the following updated list of websites, while indicating that they were operating illegally:

  • https://www.bitoraxe.com/
  • https://connect-coin.fr/
  • https://www.solutioncrypto.com/
  • https://www.solution-crypto.com/

A complete list of prohibited websites can be accessed through AMF’s official website. The regulator noted that the website domain names could change frequently and that domains listed don’t necessarily constitute a complete list of illegal or questionable crypto businesses. In order to determine whether a cryptocurrency company or website is legitimate, according to the AMF, users can visit www.regafi.fr.

Warnings Against Cryptocurrency Derivatives

The AMF has notably been vocal and involved in monitoring cryptocurrency-related businesses. Not only has the regulator issued several warnings, it has also moved toward banning the promotion and issuance of cryptocurrency derivatives in February of this year.

Reportedly, the AMF has clearly outlined the details regarding its advertising ban on various crypto-related activities. The regulator has also instructed brokers offering cryptocurrency derivatives to adhere to its regulatory requirements. Moreover, the AMF has made it mandatory for brokers to obtain permission before providing crypto derivatives contracts.

Back in April, the French government introduced a number of tax reforms which lowered taxes on crypto-related revenue, in addition to reducing the high-band rate to 19 percent (originally 45 percent). Notably, France has classified Bitcoin (BTC) and other cryptocurrencies as “movable property”, which requires only a flat 19 percent tax be paid on capital gains. Prior to this change, capital gains from cryptocurrency investments were classified as “industrial and commercial profits.” Those engaging in just a few cryptocurrency transactions had been put under the bracket of “non-commercial profits.”

Cryptocurrency Exchange Kraken Announces 'Recommitment' to Indian Market

  • Cryptocurrency exchange Kraken has announced its "recommitment" to the Indian markets following last week's Supreme court decision.
  • India's Supreme Court overturned a controversial ruling by the Reserve Bank of India prohibiting banks from lending to crypto businesses. 

Cryptocurrency exchange Kraken has announced its recommitment to Indian markets following a Supreme Court ruling made last week. 

According to a blog post published Mar. 9, Kraken is planning to expand its presence in Indian markets following the Supreme Court’s decision last week to overturn the Reserve Bank of India’s (RBI) controversial ban on cryptocurrency. In 2018, the RBI issued a ruling prohibiting banks from opening accounts for cryptocurrency businesses.

Kraken claims to have a history of servicing the Indian market with a full suite of exchange products but had their growth stifled following the RBI proposal. With the Supreme Court reversing the decision, Kraken has reaffirmed its commitment to India. 

The post reads, 

As believers in the potential of cryptocurrencies to promote financial freedom, we’ve long seen our services as essential in opening access to Bitcoin and other cryptocurrencies.

Kraken’s Head of Global Business Development Sunny Ray, who founded the first regulated crypto exchange in India, explained the significance of the ruling,

This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.

Featured Image Credit: Photo via Pixabay.com