France Wants EU To Adapt Its Crypto Regulations, Keeps 30% Tax
Apr 16, 2019
French Finance Minister, Bruno Le Maire, is reportedly persuading other European Union (EU) members to adopt cryptocurrency regulation similar to its own, which was only very recently instituted, according to Reuters.
The new law that is being referred to is one where French lawmakers allowed cryptocurrency operators to run their operations, with the caveat that they apply for a certification that would allow authorities to determine the issuer of a new token or the creators of an exchange, as well as check business plans and AML adherence. The goal is to protect consumers from fraud. Crypto companies will be taxed on their profits.
Speaking at a blockchain event in Paris, Le Maire 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.
New French Crypto Regulation Conducive to Crypto Growth
Lawmakers have also allowed the $2 trillion life insurance market to invest in non-securities without the limitation of only permitting investments of up to 10% of company funds. French Digital Economy Minister Mounir Mahjoubi has said that he wants France to become a “blockchain champion.”
Though the question is still open on privacy coins, France has generally become much more open to the idea of blockchain technology and digital assets recently, joining nations like Japan and Switzerland in attempts to digitize their technologies.
Written by: Abhimanyu Krishnan