AMF President received in Monaco – Pages Monaco
On November 5, the AMAF (Monegasque Association of Financial Activities) welcomed the President of the Autorité des Marchés Financiers as part of the Francophone FIUs Forum, during a lunch debate on the challenges of crypto currencies and the news of the financial system.
According to Mr. Robert OPHELE, “The digitization of assets is a major source of innovation” which must always be regulated at national level, before legislating at European level. The PACTE 2019 law, in this spirit, provides the framework for fundraising by issuing tokens (Initial Coin Offering or ICO) and the monitoring of Service Providers on Digital Assets (PSAN).
“Today, 25 project leaders (ICOs having received their visa) are registered, 30 at the end of the year” underlines Robert OPHELE. Analysis of cases of cyber insider breaches or cyber dissemination of false information shows that the entire chain of players in the financial world may be affected: issuer, bank, information distributor, stock market regulator, stock exchange, etc.
For their part, the cases of cyber-manipulation of prices analyzed mainly result from the intrusion of private trading accounts. Reinforced international cooperation from regulators is therefore necessary. It remains difficult and the international legal framework is still poorly adapted.
Active participation in the various international working groups dedicated to financial cybercrime and the involvement of European institutions therefore appear to be essential in order to curb this stock market cybercrime.