Thursday, June 20, 2019

France Suggests Own Crypto Laws To Be Applied In EU Countries

In this meeting, France wants to say something.

World Regulating Crypto

When it comes to regulations of cryptocurrencies, governments around the world vary. Some considers crypto as a weapon in financial world, thus making them legal. But most of them, thinks that virtual currencies might result to a bigger danger which automatically calls for the term ‘illegal’.

However, when particular crypto laws are applied, there is still no basis of which is more effective and which is not. This is mainly the reason why France, recently claimed that their method of regulating cryptocurrencies is the one that countries should implement.

France Wants To Be The Basis For Crypto Laws

As shared in CNBC via French Finance Minister Bruno Le Maire, the government of France wants to suggest to the European Union to copy their regulatory framework for cryptocurrencies.

As said, “I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience. Our model is the right one,” Le Maire said in Paris at an event on blockchain technology.

The model that they were talking about was recently released by the French government– which became the first crypto laws in the country.

What Does France Do In Crypto?

According to their specified regulations, anyone that has an involvement with cryptocurrencies or making profits due to the business are all subject to pay taxes in the government. Aside from this, any token issuers and virtual currency operators may freely apply for their government-issued licenses in order to legally operate in the country.

France’s main counter-attack against crypto frauds is to find out every profile of the people behind the transactions. In this way, the country believes that crypto scams may be lessened as identities are shared with the government.

EU’s Take On This One

Though the concept of anonymity is obviously unimportant for France, their EU partners might have a possibility to agree with France’s terms. And this is why.

On January 2019, the European Banking Authority (EBA) announced their demand for a ‘standardized crypto regulations within the EU community.’ According to the group, this move will eliminate unfair crypto regulations around the world which will also protect the users’ investments.

Interestingly, this makes more sense as most countries have different laws applied when it comes to crypto transactions.

However, Is France’s crypto regulatory framework suitable for all? Or only benefits some?

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