After China, India, South Korea, and Singapore started to discuss serious regulation of Bitcoin and cryptocurrencies, France has joined ranks with them and is starting to define strict regulations to combat this technological phenomenon.
French Finance Minister, Brno Le Maire has asked a former central bank director to start drafting up a framework for defining rules to regulate cryptocurrencies in France. The rules are aimed at protecting investors from risks of speculation and financial manipulations that ICO’s, exchanges and variants can potentially have on most speculators.
This comes after French President Macron, a banking executive and expert started to urge the EU in its war on tax evasion and fight the internet giants that use tax havens.
The only way real cryptocurrency regulation will be effective is if there is a global initiative that works together, making the rules that cover:
- Defines the types of assets Crypto-currencies really are
- Regulates exchanges and trade
- Sets interest and fees for trading
The new law that is being devised will effectively outlaw Bitcoin, Litecoin, Ripple, Etherieum and thousands of lesser “coins.”