France wants EU to adopt the country’s new crypto regulation: “Our model is the right one”

France wants EU to adopt the country's new crypto regulation.

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Christian Ploog

christian.ploog@trijo.co

Last week, France introduced a new regulatory framework for cryptocurrencies. Now, the country wants the EU to do the same.

In large parts of the world, cryptocurrencies are still unregulated, leaving investors rather unprotected. But there are also countries that have adopted these new financial assets.

For example, in Europe, countries such as Malta, Slovenia, Switzerland and Estonia have begun to introduce cryptocurrency regulations. As the first major country, France is now entering the game, Reuters reports.

An official license

Last week, the French Parliament approved a new law that allows companies that want to issue or trade cryptocurrencies to apply for a certificate, that is, an official license. In addition, the country also wants the EU to adopt the same regulation.

“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”, French Finance Minister Bruno Le Maire said at a blockchain event in Paris on Monday.

Must pay tax in France

The license will be issued by French authorities, who will first investigate and verify those who want to issue a new cryptocurrency or trading platform. They will also check the company’s business plan and what they do to prevent money laundering. The companies that receive the license must, in turn, pay tax in France on the profits they make.

The goal of the law is to grab a slice of the growing crypto market.

The EU Commission recently released a report on how the cryptocurrency market can be regulated, but probably no legislation will be in place until the end of the year at the earliest, Reuters writes.

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