Cryptocurrency contract should be qualified as a derivative
The AMF has reached the conclusion that platforms, which offer products of cryptocurrency derivatives, must abide by the authorisation and business conduct rules, and that these products must not be advertised via electronic means.
Over the past few months, the recent cryptocurrency boom has spurred several online platforms to offer binary options, CFDs or Forex contracts with an end-of-day maturity (rolling spot forex), where the underlying is a cryptocurrency.
The AMF concludes that a cash-settled cryptocurrency contract may qualify as a derivative, irrespective of the legal qualification of a cryptocurrency.
As a result, online platforms which offer cryptocurrency derivatives fall within the scope of MiFID 2.
A source: www.amf-france.org.