France to Implement Mandatory KYC Rules for Crypto Transactions
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Dec. 9, 2020
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France plans to tighten its regulation of the crypto sector, The Block reports.

Simon Polrot, president of the French crypto association ADAN, has informed the Ministry of Finance is working on the development of a new regulation aimed not only at tightening the know-your-customer (KYC) rules that must be applied by crypto companies, but also at regulating cryptocurrency transactions.

According to him, several ministries of the country's government have taken part in the discussion of this new regulation, including the Ministry of Internal Affairs and the Prime Minister's Cabinet.

The news that the government plans to introduce new measures to regulate the crypto sector has been confirmed by other sources: Nicolas Louvet, CEO of the crypto custody and trading company Coinhouse Group, and Pierre-Guy Bareges, CTO of the French crypto platform Zebitex.

France has decided to implement a stricter regulation following the recent terrorist attacks in the country, as according to the authorities, cryptos have reportedly been used to somehow finance the attacks.

The news of these new measures should not surprise anyone, as the French Finance Minister, Bruno Le Maire, said back in October the country would make proposals to "strengthen the control of financial funds" because "cryptocurrencies pose a real problem of terrorist financing."

The country's Finance Ministry will issue a decree later this week according to which all transactions involving cryptos will be subject to a mandatory KYC process.

As a result, all crypto companies in the country will be required to verify their customers, regardless of the size of the transaction.

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