The French Ministry of Finance officially announced its comprehensive know your customer (KYC) rules that closely concern cryptocurrency companies and cryptocurrency users operating in the country yesterday evening. In the statement made by Minister Bruno Le Maire, all ‘virtual asset service providers’ were asked to immediately start checking customers’ identity, verifying owners, and ban anonymous cryptocurrency accounts. He described the decision as a step to be taken in the country’s fight against terrorism. Besides, “We must remove the euro from all financing channels of terrorism.” used the expression.
What do we expect from new rules?
From now on, all organizations providing cryptocurrency services, including platforms where crypto to crypto transactions are made, have to verify the identity of their customers. Even the smallest transaction requires verification of identities. There was no such requirement for platforms that were previously traded from crypto to crypto, and there was an upper limit of 1000 euros for platforms where cryptocurrency was bought and sold with fiat money. There was no authentication requirement for those who made transactions under this amount. Now, this has also been removed. The decisions taken have been put into practice on the grounds of the recent terrorist attacks on France.