AMF: Beware of Crypto Training Providers!
Matthew Lam Apr 10, 2019 23:53
The Autorité des marchés financiers (AMF) issued an announcement on April 9 to warn the operations of KUVERA LLC/KUVERA France. The company provides training courses and software solutions to promote “highly speculative” trading products among young adolescents, which includes trading cryptocurrencies and forex products. Besides, KUVERA offers subscribers compensation that automatically increases with number of subscribers recruited, which is strictly prohibited in France.
The Autorité des marchés financiers (AMF) issued an announcement on April 9 to warn the operations of KUVERA LLC/KUVERA France. The company provides training courses and software solutions to promote “highly speculative” trading products among young adolescents, which includes trading cryptocurrencies and forex products. Besides, KUVERA offers subscribers compensation that automatically increases with number of subscribers recruited, which is strictly prohibited in France.
The AMF had been restrictive on crypto market recently. For example, AMF had published a statement last year on 14 December. The release listed out 9 websites where AMF claimed these companies are offering unusual investments and 4 out of those 9 companies are related to cryptocurrency.
Privacy tokens also shed light on France’s regulatory scrutiny. Eric Woerth, the head of the Finance Committee of France’s National Assembly said in the report published on March concerning the problem of anonymity with cryptocurrency and thus suggest a ban on crypto assets. He added “It would also have been appropriate to propose a ban on the dissemination and trade in cryptocurrencies built to ensure complete anonymity by preventing any identification procedure by design. This is the case for a certain number of cryptocurrencies whose purpose is to bypass any possibility of identifying the holders. To date, regulation has not gone that far.”
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