France Wants Entire EU to Adopt its Cryptocurrency Regulations
France’s Finance Minister Bruno Le Maire says he wants all EU member states to use the same crypto regulatory framework the country’s parliament approved last week – and says “the French model is the right one.”
Per Reuters, Le Maire told attendees at a blockchain event in Paris, “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 parliament last week voted in favor of the Pacte (Action Plan for Business Change) law, a comprehensive framework of business practices that includes several provisions pertaining to cryptocurrencies.
Under the new law, French companies wishing to deal in cryptocurrencies will need to apply for certification – presumably from a financial regulator – and would be required to pay taxes on their profits. The government is yet to reveal what criteria companies hoping to gain this certification would require.
However, it is thought that regulatory bodies would require applicants to meet certain management criteria, submit business plans and adhere to anti-money laundering guidelines.
Per a Presse Citron report, the Pacte law will also allow French insurance providers to invest in cryptocurrencies for life insurance products – with no upward limit on the value of their investments.
Meanwhile, earlier in April, Margarete Schramböck, the Austrian Minister for Digital and Economic Affairs, suggested that the country may buck European trends by leaving its blockchain technology sector unregulated.
Japan is also keen to have other nations follow its crypto-lead. The country has a range of crypto-laws in place – and will seek to convince G20 leaders to create an international framework of crypto-regulations at a summit to be held in Osaka in June this year.