Formation of strict rules for the crypto industry is a necessary act and France has adopted this policy by imposing stringent rules and regulations over crypto space. Simon Polrot who is the president of the crypto space is running a crypto-based based association where they disclosed that the France ministry is on the threshold of controlling crypto-crypto trades as they are hardly working on KYC rules which means know -your-customer rules which were opened all around the world and further giving benefits to the crypto consumers. You may use bitqt to have the finest experience with bitcoin trading as well as other cryptocurrencies.
Truly Compromised in the recently instructed Rules
It was a matter of co that whether the new usually be stripped of any form of anonymity for crypto space as the rules were imposed by the finance ministry of Franch on 10 February in 2023. A press release conducted by Mr. Zbruno Le Maire who is the finance minister, clarified the facts that requirements of know-your-customer involves banning unidentified cryptocurrency reports in France. Similarly, it is necessary for cryptocurrency agencies or firms as well so that they can start their exercise to determine the authentic customers and either verify the real owner of the cryptocurrency’s currency and other digital assets as well. This is how the countries can save their crypto from illegal use from other unauthenticated users and also the fear of financial crises might be reduced with this practice. Moreover, for the economic welfare of the country, these steps should be made to make the financial system strong and reliable in the long run.
Mandatory Registration of Crypto-to-Crypto Exchanges
As we see the recent trend in which cryptocurrencies to fiat exchanges have been executing for cryptocurrencies custodians. However, the firm is compelled to provide these services which would be in existence till December 2023 to obtain an operational licensee or other crypto-related perspectives as well. However, the suggested calculation also urges that crypto-to-crypto exchanges are required to be registered. Although the scope in this field is still undefined within six months, these firms can comply with the decisions and other helpful inputs. In France, a decree is similar to the rule of law, and further, there would be no app roval required for such parliamentary processes.
The crypto obscurity as fought by France
Although the thoughts related to impulse, the difficult measures point towards the terrorist attacks that happened in the France-like country in the recent ongoing year. Moreover, as we talk about March this year, there were about three to four people who were killed as it was described as Islamist ‘Islamist terrorist’ stabbings. According to the government’s point of view, it is revealed that the terrorists are accountable for the attacks imposed and we’re funded with cryptocurrencies. If we see the previous incidents, the French police marched and arrested almost 30 people due to their fund transfer to Islamic countries in countries like Syria using cryptocurrency.
However, the demand is the only reason which originates from the performers who performed in the ecosystem, and that will make it feasible to combat the anonymity of transactions in digital assets while promoting the designation and determination of the crypto users. Moreover, the demand for cryptocurrency is also helpful to minimize the anonymity among cryptocurrencies because this is how one can understand the actual worth of specific crypto and will lead to process with that crypto on their trading platform for the long run.
However, the new KYC requirements for come firms come as France’s foremost push in its battle against anonymity in crypto. Similarly, its protection robustness and the great successful execution of cryptocurrencies were actually on a large scale due to its anonymity as it was provided. Further, in the coming days, we can imagine the threat of anonymity in the French crypto space plays.