France Pushing for Harmonised Cryptocurrency Legislation

France Pushing for Harmonised Cryptocurrency Legislation

Following the passing of cryptocurrency legislation in France, the country’s government has now turned its attention to the rest of the EU to follow in its footsteps. During the Paris Blockchain Week summit, French Finance Minister Bruno Le Maire strongly recommended that EU neighbours adopt France’s approach to regulating digital assets.

France has been working on creating a regulatory framework for cryptocurrency since 2018. The country’s efforts culminated in April 2019, when the government approved laws dealing with tax and licensing of digital currencies. According to Le Maire, France’s “model is the right one”, and he invited all EU countries to open a discussion about a single, French-inspired, cross border framework agreement.

The new laws will allow brokers of virtual currencies and create regulation for the issuing of crypto tokens, which will lead them to be able to obtain operating licenses from the market regulator. Another significant piece of legislation focuses on tax on revenue. As in other markets, every crypto transaction, whether performed by an issuer, custodian, exchange, or investment, will be subject to a tax on capital gains.

An important aspect of this regulatory framework is for the proper and safe identification of the users. The regulation requires improved know-your-customer (KYC) processes, together with verification of the identity of token issuers and brokers. In this way, the country’s legislators hope to step up the fight against money laundering and fraudulent entities.

The European Response

In a statement, the European Commission agreed with France’s suggestion of an EU-wide regulatory framework focusing on the cryptocurrency industry. However, progress between member states has been slow and inconsistent. Some member states, such as Malta, have already enacted several laws dealing with the industry, but other members have been slower in their actions.

Calls have been made for a unified cryptocurrency regulatory code for the bloc. Without such legislation, the EU runs the risk of having internal disagreements caused by different countries with conflicting virtual currency laws.

At the start of April, Margrethe Vestager, the EU’s Competitions Commissioner stated that the bloc does not need to wait for a global agreement on crypto matters and can push ahead with its own regulation. The Commissioner is known for being a strong advocate for implementing crypto legislation, particularly in the area of tax harmonisation.

Vestager, who was Denmark’s economy minister until 2014, has a reputation for standing up to tech giants. She, together with a growing number of Eurocrats, have put continual pressure on the likes of Google, Apple, Amazon, and others to pay their fair share of taxes.

There is the possibility that Vestager’s digital tax proposal, currently under review, will be modified to include cryptocurrency legislation. If it does, it may mark one of the world’s most significant developments in the industry, and will continue to push cryptocurrency into the mainstream market. 

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

1xBit Guide: Crypto Sportsbook & Casino

The casino and sportsbook industry continues to witness an increase in the number of platforms within the space. This creates a challenge of identifying the best and most reliable sportsbooks that will offer you the most impressive services. In this guide, 1xBit shall be reviewed in terms of its service offerings and unique features that […]

11 January, 2022

XBE Community Launches a $500k Bug Bounty

Decentralized technology is built to attract the smartest and brightest brains from all over the world to work towards a common goal: free and fair financial systems. Despite the uncertainties surrounding future laws, DeFi protocols are rapidly adapting and growing to provide new ways for individuals to obtain more value from their money. And this […]

28 December, 2021

11 Biggest Sponsorships Deals for the Crypto Market in 2022

The global sports industry is looking to revamp its activities and recover from the after-shocks of the COVID-19 pandemic. Cryptocurrency platforms on the other hand have enjoyed immense growth and are searching for big platforms that can provide better brand visibility. That’s where sports and crypto make a perfect match with many global sports organizations […]

1 December, 2021

ChangeNOW Unveils a New Cashback Feature

ChangeNow offers crypto users smooth exchanges and doesn’t stop there. The exchange platform provides registered users a chance to profit from crypto swaps with cashback in NOW tokens through the ChangeNOW website. The cryptocurrency exchange and processing platform offer you an effortless way to turn your traffic into profit and boost your crypto journey. The […]

15 November, 2021

Celsius Casino is Raising the Temperatures with a Voluminous Game Lobby

Celsius Casino has become a go-to gaming destination for casino fans looking for an action-packed online gaming platform. The online casino boasts a robust game catalogue with over 4,000 games. The extensive game portfolio caters to Slots, Table Games, and Live Casino fanatics and is powered by well-known providers such as Evolution Gaming, NetEnt, and […]

9 November, 2021

ChangeNOW Has Announced the Release of its Own Digital Wallet

Limitless and swift crypto exchange platform ChangeNOW has released its own non-custodial NOW Wallet, facilitating fiat to crypto purchases and reliable crypto transactions from the comfort of a mobile phone. NOW Wallet is available in beta version for both iOS and Android devices and allows users to transact with over 20,000 currency pairs, regardless of […]

29 October, 2021

BitPanda Enhances Its BEST Rewards Programme

The EU-based cryptocurrency exchange, BitPanda, has improved its loyalty programme, BEST Rewards. It is now providing owners of its BitPanda EcoSystem Token (BEST) an additional 12% in potential revenue each year. Every registered BitPanda user who has BEST in his or her wallet and carries out at least one monthly trade will be eligible for […]

25 October, 2021

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021