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France Wants Stricter Rules for Crypto Industry

10 December 2020, 15:29
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As it has been reported in the recent cryptocurrency news, the French crypto market may experience significant changes in the current regulations in the nearest time.

France Wants Stricter Rules for Crypto Industry

The main reason for stricter regulations and more control over the industry is terrorism, which uses cryptocurrency. Vivid examples are attacks that have taken place not so long ago. It turned out that they had been funded via crypto cash.

What measures does France want to introduce?

The first thing is KYC (know-your-customer) rules that will be enhanced and become obligatory for abiding. The second sector, which will be influenced by new regulations as well, is cryptocurrency exchanges. In this case, they will get more control from the government. The KYC decree will come into effect in the nearest time. In addition to this, cryptocurrency exchange systems will be obliged to go through the registration process.

The French cryptocurrency association (ADAN) has informed that the Finance Ministry is preparing for imposing new rules. However, even other government bodies took part in the crypto-related discussion. The Cabinet of the French Prime Minister has also participated as well as the Ministry of Internal Affairs. Earlier, the country’s government has discussed the problem of terrorism financing via crypto cash. The Finance Minister has given a speech during which he has emphasized that the crypto market creates a big problem in terms of terrorism.

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