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France Wants To Ensure Strict Adherence Of KYC Policy For Crypto

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Dec 8, 2020
France Wants To Ensure Strict Adherence Of KYC Policy For Crypto

In France, it is anticipated that new rules and regulations regarding crypto and crypto firms, will be forthcoming very soon. The rules and regulations might be stricter in the sense to keep a close watch on crypto exchanges operating in France.

The news was also picked up and published by The Block which too discussed the probability of new laws for crypto.

ADAN’s Simon Polrot, an association of crypto in France, apprised Block that KYC policy will be implemented in strictosensu. He said that there is a movement in the country’s Finance Ministry which is insisting upon introducing new crypto regulations. He added that through the new law crypto-exchanges would be required to provide comprehensive data of customers conducting transactions. The aim behind requiring comprehensive data is to ensure strict compliance of the KYC policy in France.

Polrot told further that the new law would mandate upon providing information irrespective of the size of every transaction. This would mean that if a transaction is of 1 coin, even then information would need to be provided. It is said that the French Government would want to bring the new law as a deterrent against any terrorist attacks.

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Earlier, the French Finance Minister, Bruno Le Maire, stated in a statement that they need to tighten their regulation over digital currencies/funds. He said that digital currencies are the primary source of retrieving funds by terrorists and wrongdoers to incite violence and extremism. He said that they had commendable information that terrorists received funds through digital currencies. Therefore it is necessary to regulate crypto exchanges as well as ensuring full compliance of KYC policy, he said.

The prevailing law regarding crypto in France only requires compliance of KYC only if the transaction took place through crypto to fiat basis. In addition, only those transactions which are over Euros 1000 are subject to KYC policy. Any transaction below Euro 1000 or through crypto to crypto is not subjected to KYC policy.

It is now said in the French crypto industry that strict adherence to KYC policy will result in the increased price of user’s cost for compliance.

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