France has a service very similar to what the SEC is for the United States – the Autorité des marchés financiers. On Monday, this regulatory entity and the Banque de France issued a statement on a current situation with KeplerK. The company has already received approval to sell Bitcoin in the country and will do so through tobacco shop operators.
The position of the French regulator is clear, considering their statement on Monday, which reads: "Its distribution by a public limited company, PAYSAFEBIT SASU with a capital of 50000 euros, uses the trade name KEPLERK, which does not has no authorization or approval from a French or foreign authority, is not able to provide any guarantee to the customer base ".
They also warned, "[Allalucedeirecentiannuncidioffrirecoupondicriptovalutain[Inlightofrecentannouncementstooffercryptocurrencycouponsin[Allalucedeirecentiannuncidioffrirecoupondicriptovalutain[Inlightofrecentannouncementstooffercryptocurrencycouponsintobacco Stores,]AMF, the Bank of France and the French supervisory and prudential supervisory authorities warn that the deeds of purchase, sale and investment in Bitcoin are currently carried out outside any regulated market ", according to the statement referred to by TheNextWeb.
Much of the concern seems to concern the ability to maintain an adequate liquidity to manage the exchanges of PAYSAFEBIT / KeplerK. Yes, there are many ways to give the BTC to customers, so the question is whether or not companies are prepared for legal action if they do not get good results. In any case, the statement seems to address only the risk of cryptocurrency, and not any type of action that the company has to deal with.
During the process used by KeplerK, a coupon will be issued to the buyer for their Bitcoin. However, AMF wants to make sure that all investors fully understand what they are getting, considering the lack of sensitivity resulting from the use of a coupon in this type of transaction. The statement reads, "Bitcoin is a type of resource, sometimes referred to as virtual" currencies "or" cryptocurrency ", which currently exists in the world.It is traded online and is not directly linked to a physical currency or invoice. a legal currency, unlike currencies issued by central banks. "
So far, the KeplerK website has no updates that would suggest not being in line with their plans. Along with their personal exchange, the company has an app that recalls Coinbase. AMF believes that this activity can be confused with Kepler Cheuvreaux, which is a fully regulated independent financial services company. Currently there is no information on whether KeplerK intends to sell Bitcoin retail.