Amid rising cryptocurrency regulations around the globe, France has been the next to announce stricter cryptocurrency regulations, and has blacklisted fifteen more cryptocurrency websites that are promoting and advertising investments in cryptocurrency products.
Among those blacklisted are AKJ Crypto, that offers a range of financial services including asset storage. Another is bank-crypto.com that offers cloud-based storage accounts, consultancy and trade accounts. You can find the complete list here.
The French finance minister Bruno Le Maire has ordered the central bank chief to formulate tighter cryptocurrency regulations to curb tax evasion and terrorist funding. The finance minister’s directives reflect the views of French President Emmanuel Macron’s stance on regulating digital currencies.
The announcement from France has come just days before the G20 Summit meet which is to be held on 19th and 20th March regarding a ‘common response’ to the worldwide cryptocurrency market. A public document released by the G20 summit reads,
“The technology behind crypto assets has the potential to promote financial inclusion. At the same time, however, it is important to analyse its implications to financial stability, tax evasion, and financing illegal activities. The issue is an important item on the meeting agenda; delegates will consider a common response that would mitigate the risks without discouraging innovation.”
From the statement, it seems unlikely that a blanket ban on cryptocurrency is part of their agenda, but companies launching and dealing in cryptocurrency products, crypto investors, and enthusiasts will have to wait to see what policies are drafted as a result of the G20.
The French finance minister plans to introduce joint regulations in the G20 Summit as well. The Autorite des Marches Financiers (AMF) has launched a national agency called UNICORN (Universal Node to ICO Research Network) to look into providing a framework for ICO companies to launch their products while also mitigating risks for potential investors.
The result of talks held at the G20 Summit will in the next few days will no doubt have an impact on approach that world governments will use to respond to the cryptocurrency industry.