Finance Minister calls for France Cryptocurrency Regulations amidst the heightened level of concerns about cryptocurrency-related risks, which include increased speculation, money laundering, and tax evasion.
16 January, AtoZForex – French financial minister Bruno Le Maire, has ordered a draft of new potential rules in regards to cryptocurrencies. He has instructed the ex-chief of the central bank to work on this project.
Finance Minister calls for France Cryptocurrency Regulations
Reportedly, French cryptocurrency regulation rules will also caution potential investors about the “risks of speculation and possible financial manipulation” that is linked to Bitcoin and other altcoins. In fact, cryptocurrency market is gaining popularity by the day, while the overall cryptocurrency market capitalization now stands at $583,888,055,382.
French finance minister is yet to publish the details of the cryptocurrency market regulation rules for the country. The news about France cryptocurrency regulations come as President Emmanuel Macron’s government asks big internet companies to stop using tax havens. The French government also calls Europe to become more strict on tax evasion in order to be able to compete with US and China.
A member of the board of Germany’s Bundesbank, Joachim Wuermeling, has stated that national laws might find it challenging to cover global cryptocurrencies. He has stated:
“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited.”
Stricter rules for crypto exchanges
Some other nations are also looking into ways to restrict the use of cryptocurrencies. Chinese authorities have banned cryptocurrency exchanges all over the country earlier last year. Today’s news notes that Chinese officials are attempting to further escalate the clampdown on cryptocurrencies.
This time, the Chinese government is targeting online platforms and mobile applications that solicit exchange-like services. Multiple sources quote people familiar with the matter.
South Korea is also weighing the idea of banning digital currency exchanges across the country due to the increased speculation.
The majority of the European Union regulators have agreed to implement stricter rules in regards to the cryptocurrencies to prevent money laundering and terrorism financing on exchange platforms.
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