Any issuer who applied for and obtained a visa for his ICO is mandatorily submitted to AML/CFT duties. These duties are limited to the ICO and the subscribers of the tokens. This means that an issuer must conduct a risk analysis, put in place internal procedures, and identify his subscribers. 

University of Minnesota - Twin Cities

- Information document
- AML/CFT duties
- Sanctions in case of non-compliance

ICO visa requirements

Barsan, Iris M., Regulating the Crypto World - New Developments from France (December 22, 2019). RTDF 4/2019, pp. 9-30, Available at SSRN: https://ssrn.com/abstract=3484391 or http://dx.doi.org/10.2139/ssrn.3484391

Regulating the Crypto World - New Developments from France

To obtain an ICO visa, an information document must be provided that describes the issuer as well as the major stakeholders who took part in the development of the project. It must describe the reasons behind the project, as well as the intended use of the proceeds from the offer. The issuer must further describe the technical details of the offer as well as the means put in place to monitor and safeguard its proceeds. Subscribers must be informed of their rights and duties incorporated into a token as well as how they can exercise their rights. 

ICO visa information document

ICO visa duties

The AMF may sanction issuers who have applied for a visa, potentially leading to the withdrawal of the visa and an injunction to cease all communication in relation to the
ICO and the visa. This can occur if the ICO does not comply with what is written in the information document, the requirement to set up means to monitor and safeguard the assets collected, or the issuer is no longer established in France.

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