Compulsory KYC on French Cryptocurrency Exchanges

Ministry of Finance in France has announced that KYC will be mandatory on all cryptocurrency exchanges operating in or servicing the country. This move is done to counter its fight against terrorism.

In other words, if you have been using a French cryptocurrency exchange or an exchange that provides services to French citizens, you must conduct KYC / AML before receiving or sending funds.

Brunu Le Maire, minister of economy of France said in a tweet (translated from French): We must fight against culprits providing finance to terrorists. We have presented an ordinance to French’s Council of Ministers to strengthen their fight against anonymous cryptocurrency transactions.

One user gave a reply saying that this makes everyone doing transactions in cash terrorists. This includes all restaurants as well who deal mainly in cash.

Clearly, the minister does not that most cryptocurrency transactions are fully traceable. Most top 20 cryptocurrencies excluding Monero are very much transparent and traceable. This includes likes of Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash and Ripple.

Comme toujours la France avance a reculons. Ca rappelle l’affaire Dailymotion. Honte à nous. On sait pas innover, juste réguler et detruire de la valeur.

— Alexandre Dreyfus (@alex_dreyfus) December 9, 2020

So, this new measure from Le Maire makes no sense and if this ordinance goes into effect, we predict France missing the biggest technological and financial revolution of all time – Cryptocurrency.