The French Ministry of Finance has presented an order to the Council of Ministers on Wednesday to mandate all cryptocurrency companies operating in France to enforce the Know-Your-Customer rule on all transactions.
According to France Minister of Finance, Bruno Le Maire, this move, is aimed at fighting against terrorism financing in the country. “We must dry up all the terrorist financing circuits for the slightest euro,” he said in a tweet.
This new rule will allow crypto service providers in France to start checking the identities of customers, verify beneficial owners and prohibit anonymous crypto accounts, meaning there will be no anonymity of crypto-asset transactions, and crypto-to-crypto transactions.
“This demand, which emanates from players in the ecosystem, will make it possible to fight against the anonymity of transactions in digital assets while facilitating the identification of users,” the ministry said.
In the last 24 hours, bitcoin is up by 0.13%, still maintaining its 18k mark, with a current price of $18,233.45 as at the time of writing this. Within the last 24 hours, bitcoin dropped to $18,125.32 low and $18,652.99 high. The trading volume of bitcoin in the last 24 hours is $27.46B. The current market capitalization of bitcoin is $338.036B. Currently, 18,567,162.5 bitcoins are in circulation.
Stats and Image from Coin Desk
The French police had earlier arrested 29 people who have allegedly involved in funding Islamist extremists in Syria using cryptocurrency.
The Block had earlier reported the planned move of the Ministry of Finance, with information from key players in the French crypto industry such as Simon Polrot, president of French crypto association ADAN, Nicolas Louvet, CEO of Coinhouse Group, and Pierre-Guy Bareges, CTO of Digital Service Group.