\r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\nFrance\u2019s Government introduced new legislation for cryptocurrencies to avoid illegal activities. The government is preparing to implement KYC to the crypto exchanges.\r\n\r\nS\u00e9bastien Lecornu, Minister of Overseas Territories,\u00a0Olivier Dussopt, Minister Delegate in charge of Public Accounts, and\u00a0Bruno Le Maire, the Minister of the Economy, Finance and Recovery, proposed new legislation about the strengthening of the\u00a0anti-money laundering\u00a0system and terrorist financing. The purpose of the proposal is to fight effectively against money laundering (AML\/CFT) in digital currencies. According to the press release, the government is fully aware of the possibilities that digital currencies may have in the economy, and the new legislation will help digital currencies to develop and grow in France.\r\n\r\nIn the press release, they explained the history of using digital currencies for\u00a0illegal activities. The incidents happened in late September, and the France government imprisoned 29 people due to the terrorism activities. They got the funds anonymously with the help of digital currencies, which are sold in exchanges to get cash. These events made the application of legislation evident.\r\n\u201cThe Government thus wishes to promote the development of crypto-assets under the best conditions of security and attractiveness.\u201d\r\nTo solve the issues about anonymity, France will bring strict KYC requirements for cryptos.\r\n\r\n\r\nNous devons ass\u00e9cher au moindre euro tous les circuits de financement du terrorisme.\r\nAvec\u00a0@SebLecornu\u00a0et\u00a0@olivierdussopt, nous avons pr\u00e9sent\u00e9 en Conseil des Ministres ce matin une ordonnance permettant de renforcer la lutte contre l\u2019anonymat des transactions en crypto-actifs.\u00a0pic.twitter.com\/P7ywhoS9Dp\r\n\r\n\u2014 Bruno Le Maire (@BrunoLeMaire)\u00a0December 9, 2020\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nCrypto to crypto and the crypto to fiat exchanges will be subject to the new regulation. To make it more secure, the law will cover digital asset service providers (PSAN).\r\nConclusion\r\nThe new regulation will bring some advantages and also disadvantages for crypto enthusiasts in France. Many individuals\u00a0do not like\u00a0to use services where the KYC requirement is applied. The application of new regulations can\u00a0demotivate\u00a0some people. Also, KYC will make it more secure to do the exchange. Also, it will reduce the fraudulent acts made by exchange providers.\r\n\r\n#coinsfera #cryptonews #cryptocurrency #buybitcoinistanbul #buybitcoindubai #buybitcoinkosovo #buybitcoinwithcash #sellbitcoinwithcash #buybitcoin #sellbitcoin\r\n\r\nDisclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.