The criteria the the authorization of digital asset companies in France has just been toughened by the nation’s very own Autorité des Marchés Financiers (AMF). The watchdog commented that the changes made to its regulatory policies reflect the current changes in the business models and products of France’s digital currency players.
One of the main goals of this new policy is to provide a transparent concept of what marketing approaches digital service companies in France should apply.
Digital asset service providers are required to use a clear and transparent language during crypto promotional campaign so as not to delude or misguide investors. This language requirement is mandatory as well as for communication channels concerned with complaints; again, crypto service providers have to be as coherent and explicit as they can in their complaints handling teams.
Furthermore, the AMF stressed that companies need to make sure that their assets are indeed crypto-based products when applying for a digital asset service provider license. On top of that, the new policy will that require service providers continuously monitor the uncertain nature of cryptocurrencies.
The aptly named AMF Position DOC-2020-O7 policy is still a work in progress, and will be updated where it has to be if an issue or a contradiction arises.