France will urge EU Member States to adopt its cryptocurrency regulations

France is on the cusp of trying to convince other EU member states to adopt a similar regulation to its own in terms of cryptocurrency, announced Reuters on April 15th.

Bruno Le Maire, French Minister of Economy and Finance, reportedly said France would encourage other EU countries to adopt rules similar to those approved by France last week. The new rules would apparently aim to attract issuers and cryptocurrency traders to France by providing them with official recognition, while imposing their profits in return.

In accordance with the new regulation, cryptocurrency operators will have to apply for certification that would allow the authorities to verify who is behind a new part or trading platform, also overseeing the projects of the companies and anti-money laundering guarantees.

The Mayor would have stated that he "would 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. "

Also last week, the National Assembly of France passed a bill to boost the development of local businesses, including redirecting the savings of individuals to businesses. Known as the "Plan of Action for Business Growth and Transformation" (Pact), this act would allow French insurers to invest in cryptocurrencies without limiting the amount of money. investment.

Last month, the Federal Assembly of the Swiss Legislature approved a motion asking the Federal Council to adapt the existing legislation on the regulation of cryptocurrency. This initiative aims to fill perceived gaps in the protection of cryptocurrency users of illicit activities such as extortion and money laundering.

In January, the European Banking Authority (EBA) recommended further research on cryptocurrency and will carry out "a number of actions" relating to the sector in 2019. The EBA has announced its intention to publish documents to assist member country authorities in reporting their financial activities in a more consistent manner. The organization also stressed the need for transparency and appropriate public warnings regarding the risks associated with cryptocurrency.