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France Wants Entire EU to Adopt its Cryptocurrency Regulations

France wants the entire EU to adopt its Cryptocurrency Regulation 101
Source: iStockPhoto / studiocasper

France's finance minister, Bruno Le Maire, says he wants all EU member states to use the same cryptographic regulatory framework approved by the country's parliament last week, saying "the French model is the right one".

According to Reuters, Le Maire told attendees at a blockchain event in Paris: "I will propose to my European partners that we establish a unique regulatory framework on crypto-assets inspired by the French experience, our model is correct."

Last week, the parliament of France voted in favor of the Pacte law (Action Plan for Business Change), a comprehensive framework of business practices that includes several provisions related to cryptocurrencies.

According to the new law, French companies wishing to negotiate in cryptocurrencies must request certification, probably from a financial regulator, and they will be required to pay taxes on their profits. The government has yet to reveal what criteria will be required by the companies that expect to obtain this certification.

However, it is thought that regulatory bodies will require applicants to meet certain management criteria, submit business plans and adhere to anti-money laundering guidelines.

According to a report by Presse Citron, Pacte's law will also allow French insurance providers to invest in cryptocurrencies for life insurance products, without an upward limit on the value of their investments.

Meanwhile, in early April, Margarete Schramböck, the Austrian Minister of Digital and Economic Affairs, suggested that the country could resist European trends by leaving its sector of blockchain technology unregulated.

Japan is also willing for other nations to follow its crypto-lead. The country has a variety of encryption laws in force, and will seek to convince G20 The leaders will create an international framework of crypto-regulations at a summit to be held in Osaka in June this year.

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