Blockchain and privacy, the new "challenges" of the AMF according to its president

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Blockchain technology and the extreme interpretations of the defense of privacy are among the many challenges facing the Autorité des marchés financiers, Robert Ophèle said in his first speech as president.
"The so-called Blockchain ecosystem calls on all the authorities," financial and monetary, acknowledged Robert Ophèle, appointed in July at the head of the market regulator, in a speech delivered after a " a symposium of the Sanctions Committee of the Autorité des Marchés Financiers (AMF). He referred in particular to the case of initial coin offerings (ICO), promising that the AMF would soon pronounce on the subject.

"It is important (...) to determine the nature of these operations," he said, excluding in particular the idea defended by certain commentators that they emerge from "various goods", such as wine and precious stones , which constitute one of the investment categories of the AMF.

The AMF vigilant in relation to the obligations of the GDPR
On another front, the president was concerned about various legislative and regulatory developments, fearing that they would increase the investigations of the AMF on the grounds of the defense of privacy. On this ground, "an extreme interpretation (...) would benefit (...) more to the offenders of the finance", he assured.

Mr. Ophèle quoted a decision taken in July by the Constitutional Council, which decided to withdraw from the AMF the right to access the connection data retained by the telecom and internet operators, called fadettes. He also expressed his vigilance with a view to the entry into force next year of a new text governing the protection of personal data at European Union (GDPR) level. "80% of our investigations have an international dimension," recalled Ophèle.

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