France is keen for her European Union neighbors to adopt a similar framework for cryptocurrency to its own newly- formed financial sector legislation.
Its new laws have been structured to keep the Finance Ministry, exchanges, and traders satisfied that there is a little bit of harmony for all, and a relief for many traders who have been expecting a tightening of cryptocurrency guidelines this year.
French Finance Minister Bruno Le Maire clearly wants to share the joy with the rest of Europe, although at this stage it seems unlikely that the UK would come on board with Brexit and European elections looming. France has jumped to head of the Euro queue in adopting a national regulatory framework and sees this as a solution for the other 26, or possibly 27. Le Maire commented:
“I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience.”
Le Maire is clearly confident, adding that “our model is the right one”, although it remains to be seen how this suggestion will be greeted by other EU members.
The French government’s new cryptocurrency bill will now give the opportunity for startups and platforms that want to issue new cryptocurrencies or trade existing ones to apply for a certification giving companies official state recognition. This means that the rest of Europe will now be playing catchup. The certification will be granted by French market regulator and issuers, traders, custodians, and investors will have to pay taxes on their profits.
Transparency is seen as key by the French Finance Ministry and those applying for certification under the new rules will need to be thorough in furnishing business plans, AML, KYC, and be clear about exactly who is conducting and overseeing the business. Those not choosing to seek registration could be left in a vulnerable position.
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