I'm interested in your opinion was the collapse of the FTX exchange accidental or planned?
Do you really think that people like Sam Bankman-Fried and Caroline Ellison, who used powerful prescription drugs, could manage billions of dollars?
I don't know how these laws will work in practice in every country, but most crypto companies will be regulated like big banks and this market will shrink because smaller companies won't be able to comply with all the regulations.
Topic: France and crypto regulation (Read 140 times)
It isn't "in the wake of the FTX collapse". It's simply an application of the European law (MICA) coming soon, which has been planned for some time. It's just that the country is ahead of the rest of the European countries.
And of course, companies that already have a PSAN license will be able to continue their activity.
Business as usual.
Basically, the new law some politicians wanted was almost impossible to get because it requires companies to have insurance, which is almost impossible for a crypto company. Instead the Senators agreed on a 'stronger' PSAN licence'.
When I say 'stronger', it's not so strong compared to the basic PSAN licence:
- an effective security and internal control system
- an internal policy for the prevention, detection, management and communication of conflicts of interest;
- clear and non-misleading communication with their clients;
- publication of their fees, etc.
There are over 60 companies with the PSAN licence and surely most of them already apply such directives. Ledger, Coinhouse, Zebit, Binance, Bitstamp and so on...
And of course, companies that already have a PSAN license will be able to continue their activity.
Business as usual.
Basically, the new law some politicians wanted was almost impossible to get because it requires companies to have insurance, which is almost impossible for a crypto company. Instead the Senators agreed on a 'stronger' PSAN licence'.
When I say 'stronger', it's not so strong compared to the basic PSAN licence:
- an effective security and internal control system
- an internal policy for the prevention, detection, management and communication of conflicts of interest;
- clear and non-misleading communication with their clients;
- publication of their fees, etc.
There are over 60 companies with the PSAN licence and surely most of them already apply such directives. Ledger, Coinhouse, Zebit, Binance, Bitstamp and so on...
https://www.coindesk.com/policy/2023/02/28/french-national-assembly-votes-for-tougher-registration-rules-for-crypto-firms/
French National Assembly Votes for Tougher Registration Rules for Crypto Firms
The approval Tuesday means a new regime cast in the wake of the FTX collapse will pass into law.
Crypto firms will face tougher rules to register in France as of January, under plans voted on by the National Assembly on Tuesday that are now set to pass into law.
Lawmakers voted 109-71 in favor of rubber-stamping plans, already approved by the Senate, that will see extra requirements on internal controls, cybersecurity and conflicts of interest.
French National Assembly Votes for Tougher Registration Rules for Crypto Firms
The approval Tuesday means a new regime cast in the wake of the FTX collapse will pass into law.
Crypto firms will face tougher rules to register in France as of January, under plans voted on by the National Assembly on Tuesday that are now set to pass into law.
Lawmakers voted 109-71 in favor of rubber-stamping plans, already approved by the Senate, that will see extra requirements on internal controls, cybersecurity and conflicts of interest.
Do you think they don't check the source of the funds? They do, as well as the banks involved in both sides (since it's also their job).
Do you think Kraken doesn't do that while it has a Money Business registration.
Why do you think they all have paragraphs about AML on their ToS,
The situation will be similar with cryptocurrencies.
A very interesting trend is AML.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
The article does not mention AML anywhere, it is only about the fact that the rules regarding the registration of crypto companies in France should be tightened. Laws on money laundering are already mandatory throughout the EU, only some member states do not implement them in full, but allow transactions of a certain value to be made without KYC.
Every serious business person respects the law and pays taxes, and I don't see any problem there for anyone, not even for ordinary people who legally trade with cryptocurrencies. Besides, why sell something at all if you can use it as currency - maybe not in France, but you can take your digital assets with you anywhere - go live in El Salvador or on an exotic trip to Boracay where no one will ask you about the origin of what you pay with.
Prior to that, counterparties were only required to comply with basic AML regulations. However, none of the digital asset service providers (VASPs) had ever gone through the full registration process.
The amendment introduced a more "lenient" licensing regime as opposed to the Senate's extremely stringent requirements. Recall that in December, lawmakers proposed requiring all contractors in the VASP category to be fully licensed by October of this year.
Currently, crypto companies prefer to register with the French Financial Market Supervision Commission (AMF) instead of obtaining a license. Currently, there are 60 companies on this list.
All in all, it won't be long now. Everything will be resolved today. We are waiting!
You have a misconception of the AML and KYC directives. It's the same thing, the KYC directive is a part of the AML laws.
Under the the name AML, there are:
- KYC: know your customer
- KYCC: Know Your customer's customer. Yes! customers of your customers
- KYT: know your transaction
- KYB: Know your business
- CDD: customers due diligence
- SAR: suspicious activity report
- PEP: politically exposed person
- and so on...
Do you think they don't check the source of the funds? They do, as well as the banks involved in both sides (since it's also their job).
Do you think Kraken doesn't do that while it has a Money Business registration.
Why do you think they all have paragraphs about AML on their ToS,
Let's agree, are we following the law or not? Or we have 2 different wallets, one for legal use the other not.
If you go to another country and spend your cryptocurrencies there, and then other people spend your coins on illegal activities, then you may have problems with AML in your country.
If you go to another country and spend your cryptocurrencies there, and then other people spend your coins on illegal activities, then you may have problems with AML in your country.
Of course we follow the law to the extent that it makes sense, but we do not follow it to the extent that we turn out to be fools who pay taxes to the extent that someone takes half of what we have made as profit. For example, in my country I would have to file taxes every week when I get paid from my signature campaign because it is considered other income and must be declared upon receipt within a few days. Not only do I not want to spend time on it every week, I also do not want to finance corrupt politicians from the prime minister down to the lowest levels with more money than I already do.
What someone will do with the Bitcoin that I will send them in a transaction is completely irrelevant to me, because if we look at things that way, we all have coins that are tainted in one way or another. This is a completely wrong way of thinking, and the whole thing you emphasize in this thread has nothing to do with what the article is about - if you don't believe me, read what a man who lives in France wrote.
A very interesting trend is AML.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
The article does not mention AML anywhere, it is only about the fact that the rules regarding the registration of crypto companies in France should be tightened. Laws on money laundering are already mandatory throughout the EU, only some member states do not implement them in full, but allow transactions of a certain value to be made without KYC.
Many companies do not check the source of funds, and AML bots only check traces of fraudulent or criminal cryptocurrencies
A very interesting trend is AML.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
Every serious business person respects the law and pays taxes, and I don't see any problem there for anyone, not even for ordinary people who legally trade with cryptocurrencies. Besides, why sell something at all if you can use it as currency - maybe not in France, but you can take your digital assets with you anywhere - go live in El Salvador or on an exotic trip to Boracay where no one will ask you about the origin of what you pay with.
If you go to another country and spend your cryptocurrencies there, and then other people spend your coins on illegal activities, then you may have problems with AML in your country.
And many hodlers will have problems.
Why would hodlers have problems?
Nobody knows that you're a hodler until you tell them about it. Even if you tell someone there's no way to prove it, unless that person also knows how you got your coins or you paid for it by sending money from your bank account to a centralized exchange.
Then what happens if they told people and there's AML rules?
Again nothing. AML regulation is not a ban. They can't ban bitcoin because they're a member of the EU the EU already has laws regarding it. Bitcoin companies like ATM operators are already a part of EU AML procedures.
Yes, many companies are already regulated in France, even Binance is regulated in France for some time now.
I'm not a big fan of AML measures but they will at least make it harder for some scammers and idiots, this can only be positive for the market overall. BTC and the world of cryptos will perhaps be a little more credible in the eyes of the general population after some regulations, it is sad but I have the feeling that it is not evitable, even in our interest as BTC holder.
People will always have the possibility to do P2P, or to go through ATMs to buy their cryptos. The same goes for reselling, even if you stay legal, there are easy ways to get away with not paying taxes in the European Union. In France for example, the rules regarding taxes for small holders and traders have just been relaxed in January 2023, so it's not all bad news. You will find super easily some nice places to pay your taxes for cryptos profits in EU, between 0 and 10 %.
I'm not a big fan of AML measures but they will at least make it harder for some scammers and idiots, this can only be positive for the market overall. BTC and the world of cryptos will perhaps be a little more credible in the eyes of the general population after some regulations, it is sad but I have the feeling that it is not evitable, even in our interest as BTC holder.
People will always have the possibility to do P2P, or to go through ATMs to buy their cryptos. The same goes for reselling, even if you stay legal, there are easy ways to get away with not paying taxes in the European Union. In France for example, the rules regarding taxes for small holders and traders have just been relaxed in January 2023, so it's not all bad news. You will find super easily some nice places to pay your taxes for cryptos profits in EU, between 0 and 10 %.
And many hodlers will have problems.
Why would hodlers have problems?
Nobody knows that you're a hodler until you tell them about it. Even if you tell someone there's no way to prove it, unless that person also knows how you got your coins or you paid for it by sending money from your bank account to a centralized exchange.
Then what happens if they told people and there's AML rules?
Again nothing. AML regulation is not a ban. They can't ban bitcoin because they're a member of the EU the EU already has laws regarding it. Bitcoin companies like ATM operators are already a part of EU AML procedures.
The article does not mention AML anywhere,
That's because the proposal does not even mention the AML regulation at all. I don't know where he got this.
Basically, it's just an adaptation to European Union law regarding economy, health, labour, transport and agriculture.
You know what I mean, the stuff that makes all countries to have the same laws, quotas, etc...
It does talk a bit about crypto companies but it's just to say their website-services-infrastructure have to be "secure" enough.
Like if they weren't already doing it...
Adding, the fees must not be hidden and clearly listed; and warning people crypto is a high risk investment.
The points are the same for any company outside the crypto industry. Including insurrances, banks,...
tltr: nothing to be afraid. It's rather a good point for citizens
A very interesting trend is AML.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
The article does not mention AML anywhere, it is only about the fact that the rules regarding the registration of crypto companies in France should be tightened. Laws on money laundering are already mandatory throughout the EU, only some member states do not implement them in full, but allow transactions of a certain value to be made without KYC.
Every serious business person respects the law and pays taxes, and I don't see any problem there for anyone, not even for ordinary people who legally trade with cryptocurrencies. Besides, why sell something at all if you can use it as currency - maybe not in France, but you can take your digital assets with you anywhere - go live in El Salvador or on an exotic trip to Boracay where no one will ask you about the origin of what you pay with.
https://www.coindesk.com/policy/2023/02/13/france-to-tighten-crypto-registration-rules-next-january/
France to Tighten Crypto Registration Rules Next January
"The plan, set to be endorsed by the National Assembly and Senate, veers away from a proposal to require a license as of October
Newly applying companies will have to meet extra rules on internal controls, cybersecurity and conflicts of interest, the text from the Joint Committee said. That's less onerous than a previous Senate position that would have required companies to seek a license.
The text agreed on by the special legislative committee is due to be approved by the Senate on Feb. 16 and the National Assembly on Feb. 28."
__
A very interesting trend is AML.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
France to Tighten Crypto Registration Rules Next January
"The plan, set to be endorsed by the National Assembly and Senate, veers away from a proposal to require a license as of October
Newly applying companies will have to meet extra rules on internal controls, cybersecurity and conflicts of interest, the text from the Joint Committee said. That's less onerous than a previous Senate position that would have required companies to seek a license.
The text agreed on by the special legislative committee is due to be approved by the Senate on Feb. 16 and the National Assembly on Feb. 28."
__
A very interesting trend is AML.
If the CUS procedure is almost everywhere, then in a few years AML will also be mandatory. And many hodlers will have problems. And some businessmen will have to sell coins on the shadow market and legalize new coins.
Jump to: