France is a leader in regulations regarding the cryptocurrency market

Last week, the French parliament introduced the first market regulations in this country cryptocurrency. France is not the first of the countries to take this step. Undoubtedly, this country aspires to be the leader in international standards of supervision over this dynamic and growing market.

Be sure to read: Only 15% of cryptocurrency exchanges are fully regulated

The new law

Exactly a week ago, French parliamentarians passed a law that would allow crypts to be embedded in a legal framework. It was decided on this step mainly due to the increased interest in this market, but also in the light of numerous frauds that were difficult to track and identify without proper controls. The authorities will benefit mainly from the possibility of taxing profits generated by operators and investors in this sector. As is known (even after observing the growing interest, or volume on the stock exchanges, less weight attached to capitalization), it enjoys quite a lot of interest.

What will the newly introduced law require? The regulations require that exchanges of cryptocurrencies and depositaries operating in France must be subject to mandatory registration at the AMF, ie the national regulator of financial markets (acting similarly to the Polish Financial Supervision Authority). Moreover, the voted law provides for significant fines for those institutions that will downplay the new law.

Leader in international legislation

The French have ambitious plans to regulate the digital exchange market. On one law it probably will not end. Finance Minister Bruno Le Maire announced in an interview for Reuters that he would like to pass a cross-border agreement on cryptocurrencies.

We could read his speech, which he presented during the blockchain event:

"I will propose to my European partners that we create a single regulatory framework for cryptocurrencies inspired by French experience."

Uniform provisions

The idea of ​​unifying the regulations on virtual tokens has already been taken by Germany. Nevertheless, at the moment there is not too much involvement from other EU countries, even in the desire to participate in the debate.

The current rules on the cryptocurrency market necessarily vary from state to state and are constructed more or less radical depending on the approach of local governments without interference from EU legislation.