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Cryptoassets & Blockchain Legal News

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France

Regulations planned for French cryptocurrency market

July 11, 2014 by Ashley MAO

Cryptocurrency regulatory measures slated to be introduced by the year’s end have been outlined by the French Ministry for the Economy and Finance.

Predicting the fast growthy of the cryptocurrency market and the “risks of illegal or fraudulent use” the new legal framework requires bitcoin “distributors” to limit the level of anonymity by identifying themselves and verifying their users. Furthermore, cryptocurrencies status in the French tax system is mentioned.

“We have proposed […] a threshold on the margin tax of €5,000. We believe that France should let people try, invest and develop business with bitcoin before we tax it.” the statement from the office of Budget and Public Accounts Minister Michel Sapin reads.

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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