TL;DR: “I 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,” France’s Finance Minister Bruno Le Maire declared 15 April 2019 at a Paris conference.
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French Finance Minister: EU Should Have Single Crypto Regulatory Framework
Just last week, French lawmakers passed regulations governing crypto domestically, claiming to allow the industry to come from out of the shadows and for the growing financial sector to be properly taxed. Calling it “the first of its kind adopted by a major nation,” Reuters explained, regulations “will allow firms that want to issue new cryptocurrencies or trade existing ones to apply for a certification.”
It’s a half measure wealthier nations seem to be adopting, while still other governments have either left the industry alone out of indifference or have banned it altogether. For the French, however, “certification will be granted by the French market regulator for those who want it, and issuers, traders, custodians and investors will have to pay taxes on profits they make on those securities,” Reuters insisted.
And the broader European Union has struggled as well, often making conflicting statements of welcome and derision, depending on which minister is speaking about cryptocurrencies and their underlying technology, blockchain. France proposes sunshine regulations, such as knowing who is behind a coin, exchange, and making sure each follows basic anti-money laundering procedures.
The legislation is still being finalized in terms of smaller details. As for when the EU would be expected to adopt anything like its French counterpart’s, it “has recently launched a feasibility study on how to regulate the cryptocurrency markets, though no legislation is expected at least until late 2019 as the mandate of the current administration is ending,” Reuters notes.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.
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