France clamps down on cryptocurrencies

France's financial regulator has said that financial products based on cryptocurrencies should abide by authorisation and business conduct rules and must not be advertised online.

The Autorité des marchés financiers said that following an analysis of the legal qualification of cryptocurrency derivatives, it has concluded that platforms that offer these products must follow authorisation and business conduct rules.

The watchdog said that the recent cryptocurrency boom has spurred several online trading platforms to offer binary options, contracts for difference or Forex contracts with an end-of-day maturity (rolling spot forex), where the underlying is a cryptocurrency.

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