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France to Become Crypto Banking Hub?

April 25, 2019

 

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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