France is reportedly going to try to convince other European Union member states to adopt cryptocurrency regulations similar to its own, Reuters reported on April 15.
Bruno Le Maire, French Minister of the Economy and Finance, reportedly stated that France will encourage other EU countries to adopt cryptocurrency regulations similar to those France approved last week. The news rules reportedly aim to attract cryptocurrency issuers and traders to France by providing them some official recognition, while taxing their profits in return.
Per the newly adopted regulation, cryptocurrency operators will have to apply for a certification that would purportedly enable authorities to verify who stands behind a new coin’s issuance or a trading platform, also supervising businesses’ plans and Anti-Money Laundering (AML) safeguards. Our model is the right one.”
Also last week, the National Assembly of France adopted a bill that is designed to stimulate local business development, including redirecting savings from individuals to businesses. Known as the “Plan d’action pour la croissance et la transformation des entreprises,” (Pacte) the act reportedly allows insurance providers in France to invest in cryptocurrencies with no limit on the amount of investment. The move aims to close perceived gaps in protecting cryptocurrency users from illicit activities like extortion and money laundering. The organization also highlighted the need for transparency and suitable public warnings about the risks involved with cryptocurrency.
