France announces cryptocurrency working group

The working group will propose guidelines on the evolution of regulations with the aim of better controlling the development of cryptocurrencies and preventing their misuse

What has happened?

The French minister for the economy, Bruno Le Maire, has announced the creation of a working group to develop cryptocurrency regulations.

What does this mean?

In a speech, Le Maire said that the working group will propose guidelines and draft a framework on cryptocurrency regulations, as reported in Les Echos.

Le Maire said:

"We want a stable economy: we reject the risks of speculation and the potential financial diversions linked to bitcoin".

The working group will he headed by Jean-Pierre Landau, former deputy governor of the Banque de France, the country's central bank.

The working group will propose guidelines on the evolution of regulations, with two main aims: to better control the development of cryptocurrencies and prevent their misuse for the purposes of tax evasion, money laundering or financing criminal activities or terrorism.

A month ago, Le Maire asked Argentine, which is currently heading the G20, to organise a discussion on cryptocurrency regulations at the April 2018 summit.

In the past few months, the French government and the French financial regulator, the Autorité des marchés financiers, have warned against the dangers of investing in cryptocurrencies, echoing numerous other warnings by other national regulators worldwide.

Next steps

If you want to take advantage of blockchain's huge potential and disruptive impact, while avoiding falling foul of ever-developing regulatory and legal requirements, visit our Hogan Lovells Engage Blockchain Toolkit.

Contacts
Patrice Navarro
Counsel
Paris
Languages English
Topics Blockchain
Countries France

 

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