Regulation News

Crypto regulations: French ministries set to ban anonymous crypto accounts

TL:DR Breakdown

  • French authorities have begun tightening crypto regulations to stop money laundering
  • France committed to developing cryptocurrency amidst tight regulations

Financial authorities in France are beginning to strengthen crypto regulations in the European country to prevent more cases of money laundering and terrorism financing.

The authorities are doing this by building a new framework to prevent anonymity in cryptocurrency transactions thereby placing a ban on anonymous crypto accounts. Ministries in the country already introduced an order to begin the process.

Similarly, the new crypto regulations efforts are supported by the country’s finance minister, Bruno Le Maire, overseas minister Sébastien Lecornu and junior economy minister Olivier Dussopt.

The order is in line with Article 203 of France’s PACTE law. It represents the country’s Action Plan for Business Growth and Transformation.

The ministries in the order noted the importance of cryptocurrencies. They agree that digital assets come with a lot of prospects and opportunities for the economy. However, they flagged that crypto comes with its own risk which relates to illicit financial activities.

They noted in particular an arrest in September, where a terrorist financing network that used crypto to cover their tracks was bursted.

Developing cryptocurrencies in France amidst strict crypto regulations

The minister then noted that major global authorities and organizations like the Financial Action Task Force, the G7, and the G20 have clamored for ways toward preventing illicit activity involving crypto.

Bruno Le Maire said the government wants to ensure development of cryptos without jeopardising security.

Hence, stricter crypto regulations are prepared by the government. New regulatory provisions are going to introduced for digital identification of crypto transactions and other virtual assets providers.

Noting that with the move being pushed by actors in the ecosystem, tackling anonymity in crypto transactions thrugh user identification is feasible, the document explained.

Now is not the first time authorities in France complain about using crypto to finace illicit activity. In October, the minister openly criticized cryptocurrencies for indulging illicit activities like purchasing hard drugs, weapons and ehance money laundery.

This post was last modified on January 8, 2021 1:14 am

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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