France Launches Crackdown on Cryptocurrencies
- The French Finance Minister asked cryptocurrency providers to reveal the identity of crypto owners to curb terror financing.
Bruno Le Maire, the Finance Minister of France, ordered all cryptocurrency providers to check and reveal the identity of cryptocurrency owners in an effort to stop the potential involvement of digital assets in terrorism financing.
In an official press release, the Minister pointed out an incident that occurred in September 2019 when a terrorist unit apparently financed itself with anonymous cryptocurrency accounts. In the latest announcement, the French politician asked virtual asset service providers to completely ban anonymous crypto wallets.
The Ministry outlined that registration is compulsory for international companies planning to enter the cryptocurrency market of France. The companies operating under the current French regulatory framework are required to identify and verify beneficial owners of cryptocurrency transactions.
The country plans to fight against anonymous digital transactions with the recent KYC measures.
“This ordinance strengthens the fight against the anonymity of transactions in digital assets by including digital asset service providers (PSAN) among the entities having the ban on keeping anonymous accounts. New regulatory provisions will be presented in order to speed up the launch of the market for digital identity solutions for digital asset transactions. This request, which emanates from actors in the ecosystem, will make it possible to fight against anonymity transactions in digital assets while facilitating user identification,” the official press release states.
EU Crypto Regulations
The European region has made significant progress in terms of the adoption of digital assets. The ECB President, Christine Lagarde supported the need for a central bank digital currency (CBDC) and mentioned that a digital euro will be launched in the next 2 to 4 years. But, the authorities across Europe criticized the use of privately-owned Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Diem.
“FATF, G7, and G20 also underlined the need to act in this way. The Government thus wishes to promote the development of crypto assets under the best conditions of security and attractiveness,” the Finance Minister said.
Bruno Le Maire, the Finance Minister of France, ordered all cryptocurrency providers to check and reveal the identity of cryptocurrency owners in an effort to stop the potential involvement of digital assets in terrorism financing.
In an official press release, the Minister pointed out an incident that occurred in September 2019 when a terrorist unit apparently financed itself with anonymous cryptocurrency accounts. In the latest announcement, the French politician asked virtual asset service providers to completely ban anonymous crypto wallets.
The Ministry outlined that registration is compulsory for international companies planning to enter the cryptocurrency market of France. The companies operating under the current French regulatory framework are required to identify and verify beneficial owners of cryptocurrency transactions.
The country plans to fight against anonymous digital transactions with the recent KYC measures.
“This ordinance strengthens the fight against the anonymity of transactions in digital assets by including digital asset service providers (PSAN) among the entities having the ban on keeping anonymous accounts. New regulatory provisions will be presented in order to speed up the launch of the market for digital identity solutions for digital asset transactions. This request, which emanates from actors in the ecosystem, will make it possible to fight against anonymity transactions in digital assets while facilitating user identification,” the official press release states.
EU Crypto Regulations
The European region has made significant progress in terms of the adoption of digital assets. The ECB President, Christine Lagarde supported the need for a central bank digital currency (CBDC) and mentioned that a digital euro will be launched in the next 2 to 4 years. But, the authorities across Europe criticized the use of privately-owned Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Diem.
“FATF, G7, and G20 also underlined the need to act in this way. The Government thus wishes to promote the development of crypto assets under the best conditions of security and attractiveness,” the Finance Minister said.