Reuters: France urges EU member states to adopt similar cryptocurrency regulations

Reuters: France urges EU member states to adopt similar cryptocurrency regulations

  

According to a Reuters report on April 15, France is trying to convince other EU member states to adopt cryptocurrency regulations similar to those in the country.

According to the report, French Minister of Economy and Finance Bruno Le Maire said that France will encourage other EU countries to adopt cryptocurrency regulations similar to those approved by France last week. According to reports, the new rules aim to attract cryptocurrency issuers and traders by offering some officially recognized terms to attract them to France while taxing their profits.

Under the new regulations, cryptocurrency operators will have to apply for a certification that will enable the authorities to verify who is behind the new token issuance or trading platform, as well as oversee corporate planning and anti-money laundering (AML) )safety measures.

According to reports, Le Maire said he would "propose to my European partners to encourage them to establish a single cryptographic asset regulatory framework similar to France. I think our model is correct."

Also last week, the National Assembly of France passed a bill aimed at stimulating local business development, including shifting savings from individuals to businesses. The bill is known as the Corporate Rehabilitation and Transformation Action Plan (Pacte). According to reports, the bill allows French insurance companies to invest in cryptocurrencies, and there is no limit on the amount of investment.

Last month, the Swiss government's legislature, the Federal Assembly, approved a motion instructing the Federal Council to adjust existing legislation for cryptocurrency regulation. This initiative aims to fill the gap in legal regulation that is believed to protect cryptocurrency users from illegal activities such as fraud and money laundering.

In January of this year, the European Banking Authority (EBA) recommended further research on cryptocurrencies and will take “a series of actions” in this area in 2019. EBA said it intends to issue documents to help member authorities report financial activities in a more uniform manner. The organization also emphasized the need for transparency and provided appropriate public warnings about the risks involved in cryptocurrencies.