France considers strict rules for crypto transactions

0
49


France could come up with stricter regulations on cryptocurrency businesses, according to Le bloc.

Simon Polrot, president of the French crypto association ADAN, told The Block that the country’s finance ministry plans to require comprehensive Know Your Customer (KYC) metrics for all crypto transactions, regardless of size. of the transaction, and mandatory registration for all. crypto-crypto exchanges.

The move is prompted by the recent terrorist attacks in France, sources told The Block.

Bruno Le Maire, French Minister of Economy and Finance, had previously said that proposals were needed “to strengthen the control of financial funds” because “cryptocurrencies pose a real problem of terrorist financing”, according to The Block .

Currently, French rules require KYC measures only on crypto-fiat transactions above 1,000 euros (around 1,200 dollars).

Pierre-Guy Bareges, CTO of Digital Service Group, and Nicolas Louvet, CEO of Coinhouse Group, told The Block that the increased restrictions will increase the cost of compliance when onboarding users. Bareges also noted that it could cause clients to move to foreign exchanges with less regulation.

Separately, Ryan Selkis, co-founder of crypto research and data firm Messari, said in his 2021 Crypto Industry Thesis that the U.S. government is the last crypto ‘adversary’ to face, Cointelegraph reported.

“The” last boss “to beat is the state,” Selkis wrote in his report, released Tuesday, Dec. 8, according to Cointelegraph. “For the United States, bitcoin presents a tool to undermine international sanctions… Will a Biden administration like BTC? To be determined. ”

While some still fear a Bitcoin ban in the United States, Bitcoin’s reputation has flourished, especially in recent months amid its price hike.

“Bitcoin is an elusive form of private money that has proven to be very difficult to kill,” Selkis wrote, according to Cointelegraph. “It has outperformed all major asset classes at every relevant time in its history.”

And, BBVA is preparing to offer cryptocurrency services, CoinDesk reported.

Spain’s second-largest bank will first launch the cryptocurrency trading and holding offering in Switzerland, where digital assets are already regulated by a comprehensive set of rules, CoinDesk reported, citing sources.

“There are still barriers to compliance so it won’t be in December, but I think they [BBVA] will be live next month, ”a source said, according to CoinDesk, while another source said it would be live“ around Christmas ”.

BBVA is reportedly integrating SILO, a digital asset management solution created by two Swiss companies, core banking software company Avaloq and blockchain technology company METACO. SILO is already in use in the Russian Gazprombank.

——————————

WATCH LIVE: 2021 TRANSACTION CLARITY – FEEDING THE FUTURE OF COMMERCE EVERYWHERE

Sure Thursday December 10, 2020 at 12:00 PM (EST) join PYMNTS PDG Karen Webster, Ethoca PDG André Edelbrock, Cabela’s and Bass Pro stores Senior Fraud and Investigations Manager Keith Thompson and First National Bank of Omaha Steve Furlong, Director of Fraud Management, for this insightful PYMNTS TV special about improving transaction clarity, reducing related issues and paving the way for more valuable opportunities in terms of commitment and experience.

BBVA, Bitcoin, cryptocurrency, France, international, KYC, Messari, News, SILO, Switzerland, What’s Hot



LEAVE A REPLY

Please enter your comment!
Please enter your name here