The AMF considers a precise classification of crypto-assets premature

The french regulator released its responses and proposals to the European debate on the digital finance. TheAMF thus advocates a first classification of crypto-assets and supports the creation of a Digital lab for experimentation.

The European Commission currently working on a strategy aimed at promoting the digital finance in Europe. It is in this context that she opened a public consultation in the form of 117 questions. The French regulator, l’’AMF, published their responses.

The Authority thus stresses promoting "an ambitious approach to promote the development of blockchain projects at European level. And to develop digital finance, a strict classification of cryptoassets is not the priority.

Precisely classify tokens: a false good idea

A definition "in the broad sense is useful at EU level", in particular for competitive issues. However, a precise classification "Could be premature at this stage" considers the AMF.

As for a distribution between " payment tokens "," investment tokens "," utility tokens "And" hybrid tokens ", The French stock market policeman is simply against it. He reminds us that the boundaries between families of tokens are often much more blurred.

Instead, the Autorité des Marchés Financiers advocates making two distinctions regarding crypto-assets, which it considers "essential". The first consists in distinguishing financial instruments and other crypto-assets that do not fall under this definition.

The AMF also supports the development at European level “of a new regime for crypto-assets which are not financial instruments, comprising compulsory components, as on the LCB-FT, and optional components . "

Increased vigilance for global stablecoins

Second distinction promoted by the French in terms of crypto-assets: assets qualified as electronic money and those that are not.

We believe it is important to maintain the electronic money regime, which is relevant and should not be weakened by new regulations, ”explains the AMF.

The quality of a token's digital currency is a concern for French authorities. This is particularly the case for stablecoins worldwide. The AMF therefore considers it imperative to "think about a specific way of treating" these crypto-assets. Libra is not forgotten.

"Given the fact that the market is very evolving, we believe it is essential to make our regulatory frameworks and our supervisory practices more agile," said the regulator, however.

Overly restrictive regulation could hamper innovation or cause it to go beyond the EU’s borders, he warns.

In terms of innovation, the AMF also offers the creation in Europe of a digital laboratory or "Digital Lab". This should allow conducting experiments in the field of security tokens.

As the Authority clarified last month, the Lab would consist of an exemption scheme. Thus, national regulators could exempt companies from certain regulatory obligations, incompatible with the blockchain. In exchange for guarantees or consideration, however.