Blockchain And Cryptocurrency – AFME European Compliance and Legal Forum Speech Supports French Innovation Of DLT

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<figcaption><fbs-accordion><p class="color-body light-text">PARIS, FRANCE – OCTOBER 01: A view of the Eiffel Tower lit in pink to celebrate the launch party to benefit breast cancer research on October 01, 2019 in Paris, France. (Photo by Aurelien Meunier/Getty Images)</p><small>Getty Images</small></fbs-accordion></figcaption></figure><p><br></p><p>The Autorité des Marchés Financiers (AMF), part of the French financial regulatory system announced today, October 3<sup>rd</sup>, in speech by the AMF Chairman at the AFME European Compliance and Legal Forum in Paris that financial authorities need to rapidly adapt a blockchain and cryptocurrancy regulatory stance to suppress barriers to entry as well as mitigate any new risks. </p><p>The speech went on to address the need to understand how to transform current financial models, protect investors while supporting innovation, and how does the current system potentially hinder innovation.</p><blockquote class="quote-embed embed-2 bg-accent color-base font-accent"><p>“We at the AMF are dedicated to facilitate the emergence of this regulatory European framework that will avoid stifling innovations but allow them to develop progressively, gradually, in a safe environment.” </p><footer>Robert Ophèle, AMF Chairman</footer></blockquote><p>Mr. Ophèle noted in the introduction that while the Libra project was not the focus of his speech, he did acknowledge that the Libra project did raise awareness of blockchain applications “to a new dimension and demonstrates that innovation should no longer be considered as a marginal subject”.</p><p>The main concern of his speech to the group gathered in Paris noted the “necessity for financial authorities to rapidly adapt their regulatory stance to these possibly disruptive technologies in order both to suppress the regulatory barriers blocking their experimentation and to mitigate the new risks they triggered”.</p>

<blockquote class="quote-embed embed-5 bg-accent color-base font-accent"><p>These projects raise a number of regulatory issues as the market infrastructure sector is subject to regulations developed at European level, which are the result of long decades of shaping the post-trade industry, and which are not adapted to the DLT environment. The development of industry projects in this field will depend on our ability to remove these obstacles and regulatory obstacles at European level. </p><footer>Robert Ophèle, AMF Chairman</footer></blockquote><p><em>The Autorité des Marchés Financiers (AMF) regulates participants and products in France’s financial markets. It regulates, authorizes, monitors, and, where necessary conducts investigations and issues sanctions. In addition, it ensures that investors receive material information, and provides a mediation service to assist them in disputes.</em></p>”>

The Autorité des Marchés Financiers (AMF), part of the French financial regulatory system announced today, October 3rd, in speech by the AMF Chairman at the AFME European Compliance and Legal Forum in Paris that financial authorities need to rapidly adapt a blockchain and cryptocurrancy regulatory stance to suppress barriers to entry as well as mitigate any new risks.

The speech went on to address the need to understand how to transform current financial models, protect investors while supporting innovation, and how does the current system potentially hinder innovation.

“We at the AMF are dedicated to facilitate the emergence of this regulatory European framework that will avoid stifling innovations but allow them to develop progressively, gradually, in a safe environment.”

Robert Ophèle, AMF Chairman

Mr. Ophèle noted in the introduction that while the Libra project was not the focus of his speech, he did acknowledge that the Libra project did raise awareness of blockchain applications “to a new dimension and demonstrates that innovation should no longer be considered as a marginal subject”.

The main concern of his speech to the group gathered in Paris noted the “necessity for financial authorities to rapidly adapt their regulatory stance to these possibly disruptive technologies in order both to suppress the regulatory barriers blocking their experimentation and to mitigate the new risks they triggered”.

These projects raise a number of regulatory issues as the market infrastructure sector is subject to regulations developed at European level, which are the result of long decades of shaping the post-trade industry, and which are not adapted to the DLT environment. The development of industry projects in this field will depend on our ability to remove these obstacles and regulatory obstacles at European level.

Robert Ophèle, AMF Chairman

The Autorité des Marchés Financiers (AMF) regulates participants and products in France’s financial markets. It regulates, authorizes, monitors, and, where necessary conducts investigations and issues sanctions. In addition, it ensures that investors receive material information, and provides a mediation service to assist them in disputes.

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