France to ban anonymous crypto accounts

Monday 14 December 2020 13:52 CET | News

French financial authorities are strengthening the country’s cryptocurrency regulations in a move to prevent illicit activities like money laundering and terrorism financing.

Several ministries in France jointly introduced an order aiming to prevent anonymous digital asset transactions by banning anonymous crypto accounts. The order is pursuant to Article 203 of France’s PACTE law, which stands for the Action Plan for Business Growth and Transformation.

Major global authorities and organisations like the Financial Action Task Force, the G7, and the G20 have called for measures to prevent illicit activity using crypto. As such, the French government is preparing to introduce new regulatory provisions to apply new digital identification tools for crypto transactions and virtual asset service providers. 

French authorities have been vocally concerned over the financing of illicit activities with cryptocurrency. In October 2020, French finance minister criticised crypto for providing additional tools for illicit activities like purchasing drugs and weapons as well as money laundering.

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Keywords: France, regulations, crypto, money laundering, AML, Anonymous, digital transactions, virtual assets, illicit activities
Categories: DeFi & Crypto & Web3
Countries: France
This article is part of category

DeFi & Crypto & Web3