France Imposes Stricter KYC Requirements For Crypto

The French Ministry of Finance has officially announced strict KYC requirements for crypto transactions.

According to a new document released by Minister Bruno Le Maire, virtual asset providers (VASPs) in France must now ban anonymous crypto accounts.

Media Authority first reported on the upcoming move on Tuesday. Sources indicate that exchanges will face higher KYC standards as part of a crackdown on anonymity in the space. Now, even crypto-to-crypto transactions will fall under KYC requirements.

The order was presented to the Council of Ministers on Wednesday, according to a tweet from Le Maire. The attached announcement refers to recommendations from the Financial Action Task Force, G7 and G29 that influenced its decision to strengthen the requirements.

Sources previously told The Block that the decision was related to the recent terrorist attacks in France, which was also referenced by Le Maire’s announcement. French police previously arrested nearly 30 people suspected of using cryptocurrencies to fund Islamic extremism in Syria.

In addition to KYC measures, sources tell The Block that regulations requiring registration for crypto-to-crypto exchanges are in progress.

Leave a Comment