Media: France intends tighten regulation of the crypto market
France is preparing to introduce drastic measures to regulate the crypto market
Business representatives have already called the proposed changes a “shame”
The French authorities argue the tightening of the desire to protect themselves from prohibited activities
French authorities have prepared drastic measures to tighten regulation cryptocurrency market. In an interview with the publication The Block, President of the ADAN National Cryptocurrency Association Simon Polro stated, what innovations will be officially presented on December 9 or 10.
The tightening did not hit only cryptocurrency operations, but also the platforms themselves that trade virtual assets even without support fiat currencies.
Everyone under the rink
According to Polro, the French Ministry of Economy and Finance is working to tighten the cryptocurrency market. Under the new regulation, all cryptocurrency trading platforms (including those that trade exclusively between cryptocurrencies) must will be obtain a license from regulators to carry out their activities.
In addition to strengthening control over crypto platforms, the French authorities intend to require full verification as part of the “Know his client “(English KYC) for all cryptographic transactions. Cancellation of the limit is expected along with mandatory verification for tracking. If earlier under supervision transactions in the amount more € 1000, then Now surveillance will be carried out for all cryptocurrency transactions.
CEO of cryptocurrency company Coinhouse Group Nicolas Louvet has already called the possible tightening “a shame” market.
“From point of view custom experience, we will not be able to offer convenient execution of one or two small transactions without full KYC […], but this not a solution to the problem from a business point of view, because if would be my only clients were people who make transactions for € 100, I would not engage in this business, ”said Louvet.
The Block believes that the tightening of the local cryptocurrency market can be associated with a series of terrorist attacks in France. In particular in September 2020 of the year in France, 29 people were arrested for financing prohibited activities in Syria with the help of cryptocurrencies.
Chief Technology Officer of Digital Service Group Pierre-Guy Barges considers increased pressure on the cryptomarket solely by “political positioning”. In particular, Barzhesh said that the story around the detention of 29 people happened after Togo, as one from services allowed some clients to send funds in cryptocurrency to Turkey and Syria.
Read also: Cryptocurrency market regulation won’t cope with social engineering
After of this, according to Barges, French intelligence quickly detained the suspects, and the finance minister began to promote the idea of total control over cryptocurrencies.
France has long been considered one of the critics of cryptocurrencies on the global stage. A country that initially rejects the idea of a digital euro everything I decided to follow the path digitalization, but still opposed to private digital currencies and Facebook’s digital projectIn June 2019 of the year Facebook has announced preparations for a digital currency Libra. Project social networks instantly attracted Attention… More.
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