The Financial Markets Authority (AMF), France’s financial regulatory body has suggested that regulators across Europe introduce a three-year sandbox for the security token industry. The president of the body, Robert Ophèle noted that the current position is unsuitable in that companies cannot successfully issue STOs under current legislation. The new policy would supposedly allow for regulators to evaluate how projects fare outwith existing legislation, using the feedback to devise a new framework. As of now, there has been no response from other European financial regulators. CoinDesk reports that AMF has been one of the most progressive agencies in terms of blockchain policy, noting its approval of initial coin offerings and the proposal of new blockchain legislation.