France has brought up a new cryptocurrency bill. The government of French President Emmanuel Macron wants to freeze crypto accounts linked to crime.
New cryptocurrency bill in France
A new law enacted by the French government will allow suspicious cryptocurrency accounts to be frozen. The new bill is of particular interest to European crypto users. The government of French President Emmanuel Macron wants to follow the UK’s lead by giving police greater powers to seize assets that would otherwise escape their grasp and be used for money laundering. The government is trying to seize the cryptocurrency from people it believes are criminals. A report included in the government’s bill includes the following allegations:
Criminals often turn the profits from their crimes into cryptocurrencies that can be spread over a larger area and thus hidden.
The measures will extend the regulations currently applied to ordinary bank accounts to cryptocurrencies, essentially multiplying those proposed in March. In France, however, bank assets can be traded if a prosecutor or investigating judge gives permission.
What will the bill change?
In particular, the bill covers a wide range of issues, including the creation of 200 new rural police teams and modernizing the handling of domestic violence cases, both of which fall under the jurisdiction of French Minister of the Interior, Gérald Darmanin. While most of the bill is devoted to online crimes, such as requiring ransomware payments to be reported to the authorities, it also addresses a number of other issues.
In the coming periods, the government’s crypto bill proposals will be subject to another lens. The constitutional law committee of the French Senate, tasked with examining changes to the country’s penal code, will be the second lens. However, the UK government under Boris Johnson has announced that it is expanding its authority to confiscate cryptocurrencies. As part of the Economic Crime Act of May, the British government now has more power. Despite the change in prime minister, ministers from across the country reaffirmed their commitment to these initiatives. The country’s Treasury Minister includes statements stating that this approach is development-oriented.
UK cryptocurrency regulations
cryptocoin.com As you follow, France is not the only country preoccupied with crypto regulations. British Treasury Secretary Richard Fuller recently made the following statements:
We want to be the country of choice for those who want to create, innovate and build in the crypto space.
This statement came as part of the parliamentary debate on cryptocurrency regulation in the country. He added that with the new Prime Minister, the UK will become “the dominant global hub for crypto technologies”. Meanwhile, Liz Truss took office as British Prime Minister this week.
The crypto regulation debate began when West Dunbartonshire MP Martin Docherty-Hughes raised the issue in Parliament. In his speech, Fuller highlighted the need for a robust set of regulations to ensure the healthy functioning of cryptos.
