France declares war on cryptocurrency anonymity

The French Foreign Minister has introduced requirements for the handling of cryptocurrencies that affect companies operating in France. They are intended to significantly limit anonymity, especially for those who do business with virtual tenders.

According to a press statement by French Finance Minister Bruno Le Mair, all cryptocurrency asset service providers must immediately start checking the identity of their clients. They will have to verify who is the beneficial owner of the cryptocurrency account or cancel those cryptocurrency accounts that have an anonymous owner.

Bruno Le Mair has called the move particularly necessary in France’s fight against terrorism. Le Mair was referring to a terrorist cell that apparently financed its activities using cryptocurrency. And that was until last September, when security forces managed to disperse it.

The French Finance Minister believes that any currency must be set aside from all terrorist financing channels, as well as other types of currencies that ensure the safety of their owner’s anonymity. Le Mair’s office also said it was preparing further regulatory measures in the cryptocurrency area to speed up digital identification solutions for cryptocurrency transactions.


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