The Regulation does not apply to the distribution of virtual currencies that are investment instruments as defined in Article 3 of the Law of 11 July 2018 on offers to the public of investment instruments and the admission of investment instruments to trading on a regulated market.
The FSMA has published a Communication containing a stepwise plan that serves as a guideline for the classification of crypto-assets as an investment instrument.
If a crypto-asset is classified as an investment instrument, then in principle there is an obligation to publish a prospectus or information note when offering it to the public. There are also specific rules governing advertisements, which in the case of an offer to the public must also be approved before they may be disseminated.