Crypto regulations: the three goals of the next French law under construction

The crypto rules cover all of Europe, but France wants to strengthen its protection by creating its own laws. According to an initial study, three main goals should be on the agenda for the upcoming text.

A new condition for the crypto sector?

Crypto regulations, especially the MiCa law, are the subject of real anxiety, both for the industry and for the authorities. But despite all the protections the latter offers investors, it seems France remains unsatisfied. At the request of Senator Nathalie Goulet, the French government intends to introduce its own rules.

To define the priorities for this future law, the Senate has just published an inventory of a crypto inventory. This, a real plea from Nathalie Goulet to regulate the sector, nevertheless reveals the concerns of the authorities. Three main lines actually emerge from the published document. The first concerns anonymity, which allows users to escape government surveillance. Although blockchain is less anonymous or secure than one might think, it seems the government wants to regain control over user transactions.

Money laundering and crime are also subjects covered by the upcoming law. Currently, there is no solution proposed by the study. However, the French government could solve the problem through more surveillance, including at the level of the darknet. The law will undoubtedly lead to the creation of new entities. These would be responsible for keeping track of possible criminal or terrorist acts within the crypto sector.

Recognizes crypto as a government target

If the first two points raised by the Senate are familiar issues and have been discussed a thousand times, the third is still more unprecedented. For the government, ignorance of crypto is actually a real obstacle to regulation. This is what pushes the population to invest in fraudulent assets. Thanks to this ignorance, many crypto scams flourish.

Source: Nathalie Goulet’s Twitter account

Even more amazingly, it seems that European rules are not suitable for the Senate. Within advocacy, the latter’s shortcomings are widely questioned. In fact, cryptocurrencies will not be considered their fair value.

Despite a still extremely incomplete legal regime, one thing has been acquired: Crypto-assets are not currencies! To quote the Ministry of Economy and Finance, “Cryptocurrencies are not recognized as financial instruments […], cryptocurrencies are currently unregulated”. In addition, Article 41 of Law No. 2018-1317 of December 28, 2018 on financing for 2019 stipulates that a cryptocurrency is not affiliated with an institution and legal tender in a country, which allows assessment of its value. a legal currency.

Excerpt from Nathalie Goulet’s plea for future French rules

The government, despite its apparent harshness, could therefore work on a more appropriate regulation of crypto than the one proposed by the EU. France’s decision, however, runs counter to warnings from the European Central Bank, which fears too many differences between the various rules in its member states. The French law should therefore be implemented with respect to the MiCa law and perhaps improve it.

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