France has one of the toughest regulatory environments in Europe and the world generally when it comes to finance and specifically cryptocurrency. The country has in recent times taken a few cursory steps toward becoming a hub of ICO activity, but strict enforcement of crypto regulations is the cost of doing business in a well-connected financial hub like Paris.
Napoleon Group Gets Green Light from AMF
Napoleon Group, which is backed by former BNB Paribas banker Jean-Charles Dudek, used the ICO funding model about 9 months ago to raise about 10 million euros by issuing around just over 27 million NPX utility tokens, which are used for access to trading bots and quantitative strategies on the NapoleonX.ai platform. One only needs a single token to access the platform.
According to the firm, they are the first to overcome all the regulatory hurdles in French law and acquired approval to offer managed cryptocurrency assets to institutional traders. This is big news for France and Europe more generally.
Individuals can already benefit from the quantitative strategies available on the napoleonx.ai platform for bitcoin and ether, as well as the main global stock market indices. 1 NPX token is enough to gain access to the platform. The first investment vehicles are expected to be launched in the first half of 2019.
The group consists of three entities: Napoleon Capital, Napoleon AM, and Napoleon Index, set to launch next year, which will be another first, in that it will be a Benchmark Regulated-registered blockchain index publisher and administrator, which means they are future-proofed for Eurozone regulations set to be fully enforced around the bend in 2020.
Regulation is important, whether those in the crypto space like it or not.