Under Article 711-2 of the AMF General Regulation, a public token offering is defined as one that is addressed to more than 150 persons. This threshold is critical in determining whether an ICO must comply with specific primary market regulations.

The AML/CFT framework is essential for preventing financial risks. It includes subscriber identification and verification procedures, checks on the origin of funds for unusual amounts, the appointment of a TRACFIN reporting officer, and compliance with asset-freezing obligations related to international sanctions.

Under the formal submission and review process, the complete application file must be submitted at least twenty business days before the desired approval date. This lead time allows the AMF to conduct a thorough review and, if necessary, request corrections.

The loi PACTE of 22 May 2019 established an optional AMF approval regime for ICOs. Unlike other jurisdictions, this regime is not mandatory in France, offering issuers a compliance label without imposing it. This means an ICO can be legal without approval, but without the ability to actively market it.

The AMF retains the power to suspend communications and to withdraw the approval, either permanently or temporarily, but only in cases of breach of obligations or significant new developments. These powers cannot be exercised arbitrarily or without justification.

Once the approval is obtained, the issuer must comply with several obligations to maintain compliance. These obligations include distributing the approved document, communicating the offer results, and managing significant new developments.

Under the French framework established by the loi PACTE, an ICO without AMF approval remains legal but cannot be actively marketed to the public. Only ICOs that have received AMF approval benefit from the ability to actively communicate and solicit potential investors.