France is reportedly going to try to convince other European Union member states to adopt cryptocurrency regulations similar to its own.
Bruno Le Maire, French Minister of the Economy and Finance, reportedly stated that France will encourage other EU countries to adopt cryptocurrency regulations similar to those France approved last week. The news rules reportedly aim to attract cryptocurrency issuers and traders to France by providing them some official recognition, while taxing their profits in return.
Per the newly adopted regulation, cryptocurrency operators will have to apply for a certification that would purportedly enable authorities to verify who stands behind a new coin’s issuance or a trading platform, also supervising businesses’ plans and Anti-Money Laundering (AML) safeguards.
Le Maire reportedly said that he 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.”
Also last week, the National Assembly of France adopted a bill that is designed to stimulate local business development, including redirecting savings from individuals to businesses. Known as the “Plan d’action pour la croissance et la transformation des entreprises,” (Pacte) the act reportedly allows insurance providers in France to invest in cryptocurrencies with no limit on the amount of investment.
Last month, the legislative body of the Swiss government, the Federal Assembly, approved a motion to instruct the Federal Council to adapt existing legislation for cryptocurrency regulation. The move aims to close perceived gaps in protecting cryptocurrency users from illicit activities like extortion and money laundering.
In January, the European Banking Authority (EBA) recommended further research into cryptocurrency and will perform “a number of actions” relating to the sector in 2019. The EBA said that it intends to issue paperwork to help authorities in member countries report financial activities in a more uniformed way. The organization also highlighted the need for transparency and suitable public warnings about the risks involved with cryptocurrency.