Financial Crime World

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France Introduces Banking Regulations to Prevent Financial Crime in French Guiana

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In a bid to combat financial crime in the French territory of French Guiana, the French government has introduced new banking regulations aimed at preventing money laundering and terrorist financing. The regulations, which came into effect in May 2019, are part of France’s efforts to bring its cryptocurrency ecosystem within the ambit of regulation.

New Regulations for ICO Issuers

Under the new rules, Initial Coin Offerings (ICOs) issuers must apply for a “visa” from the French Financial Markets Regulator (AMF) before soliciting investment. The visa requires issuers to file an information document and comply with anti-money laundering (AML) duties.

AML Registration for Intermediaries

Intermediaries providing crypto-asset services, including custodian wallet providers and exchange service providers, are also subject to mandatory AML registration.

Key Features of the Regulations

  • ICO issuers must apply for a “visa” from the AMF before soliciting investment
  • Intermediaries providing crypto-asset services must register with the AMF and comply with AML duties
  • Custodian wallet providers and exchange service providers are subject to mandatory AML registration
  • The regulations aim to prevent money laundering and terrorist financing while attracting meritorious projects

Impact on Crypto Mining

While the regulations do not specifically address crypto mining, they have been welcomed by the Financial Action Task Force (FATF) as a step towards combating financial crime. However, the legality of crypto mining remains unclear in most jurisdictions, including French Guiana.

Creating a Favorable Environment for Businesses and Individuals

The new regulations are part of France’s efforts to become a pioneer in welcoming new technologies while preventing illicit activities. With its easy-to-understand and non-overbearing approach, France aims to create a favorable environment for businesses and individuals operating in the cryptocurrency ecosystem.

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