The French council of ministers has approved and passed an ordinance to tighten security on cryptocurrency surveillance.
The ordinance which was passed last week by the nation's Finance Minister Bruno Le Maire contains a series of actions that will begin to be implemented by the next six months. This was announced by the minister through a press release and on social media through his Twitter account.
Major Updates
- France has passed an ordinance to tighten the security of cryptocurrency surveillance.
- Crypto exchanges are expected to comply with the measures to register their company and identify their clients. The ordinance is expected to come into effect by spring.
He tweeted that the measures were to"... dry up all the terrorist financing circuits for the smallest euro…". He also announced together with two other ministers that the ordinance was to do all of this by "including digital asset service providers … among the entities having the ban on keeping anonymous accounts".
As part of the rigorous measure set to be released this week, all of France's Crypto exchanges will call for two identity proofs from their customers from their very first transaction, instead of the previous 1,000 euro minimum limit. All exchanges including those that do not offer fiat trading pairs, will need to register with an administrative body.
There is some concern over what would happen to non-European customers who will be unable to register on French cryptocurrency exchanges. This is because, as a result of the new requirements they would be denied the rights to make crypto transactions. This could especially affect French startups and companies.
The ordinance is expected to kick off by spring, giving companies some months to toe the line.
What do you think of this new ordinance? Is it a good thing or not? Let us know what you think in the comments.
