France to Become Crypto Banking Hub?
25 Avril 2019 - 6:37PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
April 25, 2019 -- ADVFN Crypto NewsWire -- Historically, when
France has not been the most crypto friendly country. Back in 2017,
the leader of the Bank of France even said that Bitcoin wasn’t a
cryptocurrency, which shows that they haven’t had the best
understanding of what crypto is either.
At this point, even though it looks
like privacy coins will be banned in the country, France still
might be shifting toward having a more crypto friendly atmosphere.
Today, CoinDesk broke the news that French banks will not be able
to bar cryptocurrency related groups from obtaining bank accounts,
under one key condition. Anyone who is interested in this sort of
legal protection needs to “opt-in to being regulated.”
With this comes the question of
whether such a law is actually friendly to the crypto space at all.
By definition, both crypto and general blockchain projects are
something new. Therefore, it is logical to conclude that to
regulate them, new laws may need to be developed. Take Malta for
example. They developed an entirely new framework to regulate
blockchain projects and their country is far from falling apart.
Blockchain businesses appear to be flocking to their
shores.
Considering this, we can then
circle back to the new French law that gives blockchain and crypto
groups the right to a bank account and say that in general,
regulation is not a bad thing. Hopefully, over time, French
authorities will be amenable to discussing exactly what that means
with well-established blockchain companies. Given the fact that
certain authorities appear to believe that most crypto coins are
not securities, that might be a real possibility.
By: BGN Editorial Staff
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