Bitcoin
BTC$64 364.24

-0.32%

Ethereum
ETH$3 416.30

-0.72%

Tether
USDT$1.000190

-0.02%

Binance Coin
BNB$570.57

-0.84%

Solana
SOL$156.65

-2.73%

XRP
XRP$0.630018

8.50%

France takes cryptocurrency lead - and wants the EU to follow


18 Apr 2019

#Bitcoin

The Paris Blockchain Week Summit has been going on and one person that has been heard loud and clear, by cryptocurrency industry participants at least, is Bruno Le Maire. Le Maire is the French Finance Minister, and his speech on Monday the 15th of April was unsurprising.

Our way is the right way


His exact words were "I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience. Our model is the right one". This is seen by industry observers as a push for France to become the leader in the cryptocurrency and blockchain industry.

It is heartening to see that a Finance Minister of a G8 country is so openly supportive of both cryptocurrency and the technology that underpins it, namely blockchain. Early adopters in the cryptosphere have gotten used to regulators ignoring cryptocurrencies. No one bats an eye when they see the fear of a decentralized, private form of wealth that governments cannot control. Mild amusement is the most common reaction to regulators and ministers who want to understand the two concepts.

So when Bruno Le Maire stated that he unequivocally wanted France to be not just a leader in cryptocurrencies, but also in blockchain technology, many in the industry were hesitant. What would that mean? What did the future hold for blockchain once a country as large as France started to consider it as a key strategic technology? More to the point, if Bruno Le Maire could change his mind in such a drastic fashion, what about other regulators around the world?

The French Parliament passed a new set of laws this month that would go a long way to governing cryptocurrency in the country. The regulations they passed were mainly to do with licensing of companies that hold or trade in cryptocurrency, along with tax regulations for anyone who wanted to make a profit from any form of interaction with cryptocurrency.

The KYC/AML regulations were the most interesting. The French government does not just require companies to have stringent KYC procedures; they also want to start verifying the identities of token issuers and custodians. The tax laws will hit traders and investors differently depending on the nature of the business.

The European Commission seems to agree with Le Maire. They have called for a unified regulatory framework for the EU. Particularly with regards to the taxation aspect. This would help with the regulatory arbitrage that is currently happening within the EU. Some countries are better (or have less specific rules) and are seen as prime destinations for cryptocurrency companies.

A greater push for standardized digital laws across Europe


This all comes at a time when Margrethe Vestager, the former Economic Minister of Denmark, has called for greater cooperation on an EU wide Digital Tax law. She has become well known around the world for her harsh stance on the games that companies such as Apple, Google, and Facebook play to get out of paying taxes.

A portion of the cryptocurrency industry is afraid of what she could do to cryptocurrencies if she ever turns her focus on them fully. Others are hoping that she shows the same fire in bringing cryptocurrency in line with European law, hoping that this will allow normal, non-tech related people to become a part of the ecosystem.

Author: Ali Raza for Crypto-Rating.com

Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.6% 43 $64 364.24 -0.32% 11.97% $1 269 716 723 462 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $3 416.30 -0.72% 10.22% $410 712 230 766 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000190 -0.02% 0.03% $113 246 119 775 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 43 $570.57 -0.84% 9.29% $84 205 292 105 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 82% 36 $156.65 -2.73% 11.05% $72 712 740 994 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 78% 43 $0.630018 8.50% 44.13% $35 158 388 966 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000058 0.01% 0.01% $33 786 650 760 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 90% 13 $7.13 -2.95% -1.57% $17 903 663 385 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 55 $0.122344 -1.78% 14.15% $17 759 171 787 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 80.4% 36 $0.440835 0.42% 14.99% $15 820 624 845 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 79.2% 44 $0.133868 -0.20% 2.14% $11 660 500 653 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.2% 37 $0.000019 -2.98% 14.79% $11 047 738 934 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 76% 41 $27.63 -2.12% 7.39% $10 907 302 760 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 95.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.