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First Step From France After G7 Talks: Cryptocurrency Regulation

coinputin.com – France is preparing to introduce strict rules for the cryptocurrency sector. A French Finance Ministry source confirmed that in the coming days, strict measures will be taken to prevent terrorism financing in the cryptocurrency sector:

“A decree will be presented this week, followed by a decision by the end of this month, and all companies involved in the cryptocurrency sector will have six months to comply with the rules.”

Cryptocurrency – mandatory KYC processes are in place for all cryptocurrency transactions, including cryptocurrency transactions, and this will require two types of government IDs (ID), sources in the industry said. A ministry source said only one identification would now be required.

Another important change is keeping a record of cryptocurrency – cryptocurrency transactions. Currently, in France, the mandatory registration rule applies only to cryptocurrency-fiat exchanges and cryptocurrency storage officers.

Ministry official says the main reason behind the upcoming measures is to prevent terrorism financing through cryptocurrencies:

”What we are trying to do in France is to fight against the financing of terrorism through crypto assets. But our overall goal is to encourage innovation through crypto assets. We will carry both these messages to the EU level.”

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