France wants the whole EU to adopt its cryptocurrency regulations

French Finance Minister Bruno Le Maire said he hoped all EU member states would use the same regulatory encryption framework that the country's parliament had approved last week – and said that "the French model is the good one."

According to Reuters, The Mayor told participants during a blockchain event in Paris: "I will propose to my European partners to put in place a unique regulatory framework on cryptographic assets inspired by the French experience. Our model is the right one. "

The French Parliament voted last week in favor of the Act on the Pact (Action Plan for the Change of Enterprises), a comprehensive set of practices that includes several provisions relating to cryptocurrencies.

Under the new law, French companies wishing to process cryptographic currencies will have to apply for certification – presumably from a financial regulator – and would be required to pay taxes on their profits. The government has not yet revealed the criteria that companies hoping to get this certification would need.

However, it is thought that regulators would require candidates to meet certain management criteria, submit business plans and comply with the anti-money laundering guidelines.

According to a Citron Press report, the Pact Act will also allow French insurance companies to invest in cryptographic currencies intended for life insurance products, without limiting the value of their investments.

In April, Margarete Schramböck, Austrian Minister for Digital and Economic Affairs, suggested that the country could defeat European trends by leaving its blockchain technology sector unregulated.

Japan also wants other countries to follow its cryptographic strategy. The country has put in place a series of cryptographic laws – and will seek to convince G20 leaders to create an international framework of crypto-regulations at a summit to be held in Osaka in June this year.