On April 9, it was reported that a French government agency called the Autorité des Marchés Financiers had issued a warning about a local company that offers software and training courses relating to both cryptocurrency trading and foreign exchange investing.
The agency, which is responsible for regulating the country's stock market, issued the warning in regards to a company called Kuvera. The government is accusing the company of promoting "highly speculative" trading activities. It further alleges that the company is specifically targeting young people.
Kuvera, which is not authorized to operate in France, earns money through the sales of software and training courses relating to the trading of both fiat and digital currencies. They also provide their customers with a financial incentive for recruiting others to become customers.
This is not the first time that the agency has warned the French public about cryptocurrency companies. In December of last year, they officially blacklisted 4 separate cryptocurrency websites because the sites were engaged in what they considered were unauthorized investment offerings. Along with its most recent warning, the agency said that the number of unauthorized investment projects available in the country has been increasing and that new entities offering such projects keep appearing.
In September of 2018, the agency blacklisted more than 20 different investment websites, and many of these were engaged in cryptocurrency-related activities. At the time, they indicated that the blacklisted websites were both unauthorized and were offering what they called "atypical investments." The agency further directed the country's citizens to check their full blacklist, which they admitted was far from complete.
The French parliament has also been actively trying to regulate what they consider are rogue cryptocurrency activities. Eric Woerth, who is the head of the Finance Committee at the National Assembly, recently proposed banning anonymous cryptocurrencies, which are also known as privacy coins. Woerth also addressed a long list of issues he has with cryptocurrencies in general. These issues include consumer fraud, money laundering, tax evasion as well as the excessive amount of energy consumed during mining.