Progress can have its drawbacks, because the French inventory market regulator, the nongovernmental Autorité des marchés financiers (AMF), has seen. In accordance with the AMF ombudsman, digital asset-related mediations rose sharply in 2022, as did the variety of registered digital asset service suppliers (DASPs).
In its newly launched 2022 annual report, the AMF ombudsman included a bit devoted to digital belongings for the primary time. It famous that, whereas the full variety of circumstances obtained by the ombudsman decreased from 1,964 in 2021 to 1,900 in 2022, mediation requests referring to digital belongings rose from 44 to 54, with the variety of the variety of admissible circumstances rising from six to 17. On the identical time, the variety of registered DASPs rose from 28 to 59.
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The AMF ombudsman can solely mediate circumstances the place the DASP is registered with the AMF or the AMF has offered non-compulsory approval in circumstances corresponding to preliminary coin choices. AMF registration is required to offer custody for third events, purchase or promote digital belongings for authorized tender, commerce digital belongings for different digital belongings or function a digital belongings buying and selling platform in France.
AMF licensing is required to “present a number of digital asset companies within the extraordinary course of enterprise.” There are at present no licensed DASPs.
“”In 2022, the variety of disputes referring to crypto-assets for which the AMF Ombudsman was requested to mediate tripled by comparability with 2021.” https://t.co/Z1u9DPwUe3 pic.twitter.com/UD2vVFYWBB
— Joshua Rosenberg (@_jrosenberg) June 14, 2023
The ombudsman’s report famous that DASP registration necessities can be tightened in July, earlier than being outdated by the European Union’s Markets in Crypto-Property (MiCA) laws subsequent 12 months.
The AMF ombudsman was cautious to notice that it doesn’t intervene in “scams,” which can be ruled by rules that apply to crypto belongings or, within the case of derivatives, the Markets in Monetary Devices Directive (MiFID II). Misunderstandings of the phrases of staking was a typical difficulty the ombudsman dealt with, it reported.
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