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French AMF Compiles a New Crypto Blacklist to Warn Against Frauds

The French Financial Markets Authority (AMF) has compiled a blacklist of companies involved in crypto assets-related activities. The firm recently added five websites belonging to entities offering illegal crypto services to the users to the blacklist. Frauds are active in crypto The blacklist compiled by the AMF announced today that it had added five websites to its blacklist for entities that engage in frauds and illegal trade. These five websites have been added to the blacklist in the past month, suggesting that crypto related frauds are still active in France. The five sites are: The AMF has been compiling this list since March 2018, and the regulator has warned users about 100 unregulated entities and websites whose activities include trading in crypto-asset. Is the Sapin 2 law working? The regulator’s Annual Report for 2018 indicated that the Sapin 2 law had a positive effect on the French markets. The law was designed to restrict the marketing of toxic online investment products like high-leverage contracts-for-difference (CFDs) and binary options. The report also highlighted issues with crypto assets and frauds associated with the industry. According to the report, the number of advertisements for speculative products has fallen from an annual average of 582 between 2014 and 2016 to just 311 in 2018. About 83% of the ads for online trading products came from legitimate entities. About 51 ads that contradicted with Sapin 2 law came from nine entities regulated in Cyprus. Last year, AMF’s consumer contact center Epargne Info Service reported that 36% of the inquiries it received were related to criminal activities online. The agency received 2,600 inquiries related to cryptocurrencies and only 968 inquiries related to forex and binary options. The trends were completely different in 2016 where the agency received 3,768 inquiries for forex and related products and only 18 inquiries for cryptocurrency related products. The post French AMF Compiles a New Crypto Blacklist to Warn Against Frauds appeared first on - Daily Cryptocurrency and FX News.

AMF President: Crypto Regulators and Innovators May Find a Common Ground After All

During the “Innovation and regulation: The French approach to cryptos” – 3rd Annual Fintech Conference – Brussels, on February 26, the AMF President Robert Ophèle said a speech regarding the future and regulation issues for crypto-assets. We share the keynotes. Although regulations may seem to stifle innovation, the lack of regulations paves way for the fraudsters and hackers. Whenever hackers and con artists thrive, the confidence and trust needed to make innovations successful are destroyed. Straightforward prohibition and administrative burdens are known to discourage innovations through the set up of many safeguard requirements, in the end, emptying any business case. The AMF president expressed that regulation is an important factor for customer protection where financial services are involved. The primary reason why the financial sector is highly regulated is to ensure people, institutions, and governments do not lose their money. The stringent rules also act as a barrier to entry for new competitors. Crypto Innovation With the rise of cryptocurrency, the past ten years have featured the introduction of many new regulations especially in the financial services business including asset management, banking, and post-trade market infrastructures. With many of the large financial institutions influencing most of the created regulations, it makes it hard for any innovative entrants to challenge these incumbents. According to Robert Ophèle, the financial industry is similar to the pharmaceutical industry with few big incumbents that are not very innovative suppressing the smaller innovative start-ups busily developing new products to enhance the industry. In that case, the major financial institutions globally are either developing their in-house digital tokens or collaborating with reasonably successful cryptocurrencies. In the field of financial services, a particular variety of the usual triangle of incompatibility must be implemented to get a viable solution between profitability, innovation, and regulation. A solution is necessary to minimize the cost of financial intermediation to achieve profitability. Finance requires innovation to enhance all the services provided significantly. The European Union has developed a Fintech Action Plan to foster innovations in a regulated environment and Roadmaps are being elaborated. The Commission has invited knowledgeable and experienced authorities at Member State and EU level to take initiatives to foster innovation based on identified best practices. Crypto-mania Have Faded The president indicated, that France has come up with a customized and tailored framework for crypto-assets that are currently not financial instruments at the EU level. Robert Ophèle said: “2019 is the ideal time to set these regulations since the late 2017 and early 2018 crypto-mania seems to have faded away and markets are relatively stable.” The combined market capitalization has plunged by around $700 billion from the 2017 peaks. The value of Bitcoin has epitomized this plunge even as the crypto winter prolongs and the bears rule the markets. The collapse is a natural stage of the crypto innovation process according to the Gartner hype cycle. The current phase of disillusion followed the phase of overly inflated expectations. Gartner hype cycle. Clients use Hype Cycles to get educated about the promise of an emerging technology within the context of their industry and individual appetite for risk. image. In the case of ICOs, many investors and even scammers have found a quicker, cheaper, easier way to raise money while simultaneously avoiding any dilution of the share capital of their company. However, according to the Gartner hype cycle, the phase of disillusion is followed by a slope of enlightenment and the plateau of productivity. Through the Unicorn program, the nature of programs innovated has evolved considerably from just pure tech to many other sectors. The regulators are trying to determine the middle ground by first grasping the structural trends that underlie the entire crypto-asset phenomenon. Considerations First, the importance of the DLT technologies particularly blockchain was brought into the limelight by the popularity of bitcoin. Since then, other DLTs have come up in the public, private, permissioned or permission-less forms. The development of these technologies is, thus, based on network validation. The crypto-assets mostly involve the possibility to transfer value in a secure way through the internet. Some of the notable trends in the crypto field include the platformisation trend, automatization of processes, and the ability to lower the cost while increasing speeds of financial transactions. These trends prove that the entire crypto-asset field has a long-term structural development that may reshape the way capital markets function. An Extensive Legal Framework for Crypto-assets is Being Finalized That conviction led the French government to create an extensive legal framework for crypto-assets that are not yet captured by any of the current regulations. This framework is at the moment being finalized in the French parliament. Some of the innovators are working with the authorities to come up with the best regulations. For the best regulations to be developed, new risks merit an appropriate response, a comprehensive response to the crypto-asset phenomenon should be adopted, and an innovative regulatory approach should be implemented. Since the crypto-asset environment is growing in a large legal vacuum, the optional regime will become the first regulatory strategy to debunk the uncertainty. This new regime, if implemented correctly, will offer better investor protection increasing the rate of innovations without compromising on security. The optional regime also gives the crypto environment time to develop as the authorities also create and strengthen functional and updated legal infrastructure. Lessons For the crypto innovations to succeed as the authorities come up with new regulations continuously, all stakeholders must work together to reduce fraud cases in the industry. More innovative ways to fight fraud are necessary while simultaneously raising investor awareness. Since technology costs are high for everybody, sticking with a status-quo is significantly easier to manage. The learning curve in the blockchain field is quite steep which makes it challenging to have ready solutions for every issue that arises from the outset. The most challenging issue lies in the crypto-assets custody. In the past few months, the security tokens have gained popularity. A new phase of high expectations for the STOs may be looming and needs to be regulated in an innovative-friendly manner. The financial assets tokenization could be beneficial for the long-term structural trend that will transform the global financial industry including the post-trade industry. ESMA explained some of these benefits within its advice on ICOs and all other crypto-assets published in early January. Thus, the European co-legislators should come up with types of activities that qualify as financial activities under the European Union regulatory framework in a DLT framework. Apparently, European Level 1 measures, Regulations instead of Directives, are required to address such issues. Also, the lawmakers should also listen keenly to the legitimate aspiration of traditional market players to guarantee more regulatory stability. Like what you're reading? Subscribe to our top stories amzn_assoc_placement = "adunit0"; amzn_assoc_search_bar = "true"; amzn_assoc_tracking_id = "cryptovibes-20"; amzn_assoc_search_bar_position = "bottom"; amzn_assoc_ad_mode = "search"; amzn_assoc_ad_type = "smart"; amzn_assoc_marketplace = "amazon"; amzn_assoc_region = "US"; amzn_assoc_title = "Shop Related Products"; amzn_assoc_default_search_phrase = "ledger nano s"; amzn_assoc_default_category = "All"; amzn_assoc_linkid = "91b4df01d5c71edac39628ca1a2aa0c4"; The post AMF President: Crypto Regulators and Innovators May Find a Common Ground After All appeared first on - Daily Cryptocurrency News.

Quebec’s AMF Regulator Warns Crypto Mining Contracts May Be Securities

The financial regulator of Quebec recent ruled that a crypto mining contract is a security. This follows a call by the regulator for investors in a crypto company to call them after they issued the company freeze orders. The orders were issued in compliance with existing regulation at the start of February. What Happened? Technologies Crypto Inc took about $300,000 from investors who believed their funds were going into a mining operation. Many have been disappointed. The regulator now wants those who invested in the company to contact them. Many of those who invested their money have not been able to recover it. The announcement wants anyone who was involved with the company in any manner or the two principals to get in touch with them. They have even provided a number. The regulator also issued freezing orders against the company a while back. The company was told it was breaking the law. What it Was Doing The company was trading under “Make It Mine.” It asked for $300,000 from investors. Those backing it thought that the money would be used to fund mining. While some did get their money back, others were unable to get anything back. Attempts at calling the firm have fallen on deaf ears. The orders issued say that the company is not allowed to take any money out of bank accounts. They should also not try to dispose off the mining rigs or partake in securities trading. The implications This means that the regulator considers an investment contract in the crypto world to be a security. Thus the financial regulator can regulate it under securities laws. The regulator can thus assist those who made the investment to recover their funds. Not First Time Acting on Crypto The regulator in Quebec has been known to take action against crypto firms that violate securities laws. It has sought to protect investors from losing their money. A while back, it went after PlexCoin. It later rejected any attempts by the company’s representative to revise the ruling. In its ruling, it concluded that there were holes in the securities laws. Despite this, the regulator concluded the company was dealing in securities. An injunction against PlexCorps and associated entities were issued. Their website was also shut down and all other related sites. Besides that, their Facebook pages were also covered by the orders. In October 2018, the superior court in Quebec ruled that PlexCoin and its founders were in contempt of court. The ruling was issued after it was found the company was still trading in securities and asking for money. Authorities in the US appear to be having a similar issue with the PlexCoin Company. The SEC filed a motion in court asking that its founders be sanctioned. It was still soliciting money from the public despite numerous court orders against it for discovery and accounting of their assets. While the industry is still young, it is nice to see the regulators are taking crypto seriously. This could help to keep cons at bay in the future. Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 14th)
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BitMEX Shuts Down US and Quebec Traders Accounts After Canadian AMF Sends Letter

It looks like the future of BitMEX in North America is bleak. The Block Crypto has recently reported that BitMEX, which is a trading platform that was created to facilitate futures trading with cryptos (mostly Bitcoin) has been on the target of financial regulators from Canada. This has made the company close the accounts in  the United States and the Quebec region of Canada. The Autorité des marchés financiers (AMF) of Quebec has sent a letter to BitMEX asking it to close all accounts linked to people from the region as the exchange was not properly authorized to deal with that. The regulator has started to shut down accounts fro Quebec and in the U.S. before BitMEX did. This will have a major impact on the market, it seems, as BitMEX, at the moment, the largest market for Bitcoin, as informed by CoinMarketCap’s data. Unlicensed companies are having a tough time right now as a lot of countries and agencies all over the globe are cracking down on them. As its activities have been deemed illegal according to the legislation of each country. The regulator has confirmed that BitMEX is not registered with the AMF so it could not offer its services in the region. Now, as a part of its efforts to be more compliant, BitMEX has stated that it does not accept clients from the U.S. or from Quebec. At the moment, BitMEX states that it is not operating unlawfully in any region of the world, but The Block Crypto, which first reported on this story, was unable to confirm whether this was the truth or not.
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on - Daily Cryptocurrency and FX News.
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