French regulator grants its first approval for an initial coin offering

A French company has been granted permission to conduct an initial coin offering (ICO) by the country's top finance regulator.

In a December 19 statement, the French Financial Markets Authority (AMF) said that it granted its first-ever such approval to a firm called French ICO, explaining: "The PACTE law has indeed introduced in France an optional visa regime for fundraising in crypto-assets. Only public offerings of so-called utility tokens, which are not considered as financial instruments, are eligible for this optional visa."

According to the company’s website, the public offering conducted by French ICO will take place between March 1 and June 1, 2020. 

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France’s initial coins offerings regime was created in April after the introduction of the PACTE Law, which aims to simplify financial procedures for well-funded, fair, and innovative companies. The new policy made it possible for token issuers to request AMF approval for ICO visas. 

To be consi