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Crypto regulation in France goes full steam ahead as Government bodies acknowledge the benefits of bitcoin

Crypto regulation in France goes full steam ahead as Government bodies acknowledge the benefits of bitcoin

Quick take

1 minute read

  • Financial authorities in France are getting ready to solidify the regulations on cryptocurrency in the country. 
  • With this new move, elicit activities such as and money-laundering and the financing of terrorism will be able to be presented.

Financial authorities in France are getting ready to solidify the regulations on cryptocurrency in the country. With this new move, elicit activities such as and money-laundering and the financing of terrorism will be able to be presented.

Earlier this week on the 9th of December, ministries in France introduced a new order with a goal to prevent anonymous digital transactions and has banned anonymous accounts relating to the industry.

Bruno Le Maire, the French finance minister has backed this new effortful regulation on the crypto industry.

Excitingly, ministries in France have admitted that digital assets such as bitcoin can provide big opportunities for the economy and highlighted that the government in the country is well aware of the importance of these currencies.

Of course, they also went on to highlight how much illicit activity can come alongside the benefits that crypto offers.

This is massive for crypto adoption. As more and more government authorities recognise the importance of bitcoin and start to regulate it in an efficient manner, more and more people will be exposed to the world of crypto and that can only be a good thing.

In particular, the ministers in the country noted the September arrests involving a terrorist financing network that used crypto assets to help cover their tracks. The Government further said:

“The government wishes to promote the development of crypto assets under the best conditions of security and attractiveness.”

To that end, the government in the country is going to get ready to implement efficient regulation on the industry. In the document announcing the news, they further stated:

“This request, which emanates from actors in the ecosystem, will make it possible to fight against anonymous transactions in digital assets while facilitating user identification.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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