France’s financial markets watchdog, the Autorité des Marchés Financiers (AMF), today shed light on unregulated provider of training courses and software solutions for investing in the FX and cryptocurrency markets.
The newly-blacklisted firm operates under two brands, Kuvera LLC and Kuvera France, both are wholly owned subsidiaries of . The regulator said they have been providing professional investment services to domestic clients without proper authorization, which is a criminal offense.
Investview was previously fined $150,000 by the U.S. Commodity Futures Trading Commission (CFTC) back in 2018. At the time, the US securities regulator said the company was illegally offering forex and binary options to retail investors in the United States.
In March 2018 Investview announced it was changing its brand name of Wealth Generators to Kuvera Global.
Cryptocurrency in France
The AMF also reminds investors of its previous warnings against transacting in Bitcoin or other crypto assets.
The regulator has been quite active in policing crypto activities, and in addition to such warnings, it has prohibited the advertising and .
The well-known details about the full advertising ban on certain offerings are all in place, but the update adds that promoting cryptocurrency derivatives demands that brokers that are offering such products must comply with a set of regulations.
But earlier last year, the French government , which reduces the tax rates on revenues generated by cryptocurrency transactions, and cut the high-band rate from 45 percent to 19 percent.
The stimulative effects of the tax cuts come as France changed the classification of bitcoin and its ilk, which currently fall into the “moveable property” category, meaning that it is subject the flat tax of 19 percent on capital gains. Before that, cryptocurrency gains were considered “industrial and commercial profits” while occasional transactions constituted as “non-commercial profits.”
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