Financial Crime World

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French Guiana Fights Cryptocurrency Money Laundering

In a bid to combat illicit financial flows, French Guiana has established robust regulations for digital currencies. The French territory, governed by the provisions of the French constitution, has adopted measures to attract meritorious projects while bringing this ecosystem under regulation.

Regulations Under France’s PACTE Law

Under France’s PACTE law n° 2019-486, Initial Coin Offerings (ICOs) and intermediaries providing crypto-asset services are subject to specific rules. ICO issuers can apply for a “visa” from the French Financial Markets Regulator (AMF), allowing them access to a bank account and enabling them to solicit investment.

Regulatory Requirements

Intermediaries such as custodian wallet providers, crypto/fiat exchange service providers, and platforms must register with the AMF and comply with anti-money laundering duties. They can also opt for an optional license, requiring additional regulatory compliance.

Regulatory Framework

  • ICO issuers can apply for an AMF “visa” in exchange for filing an information document and complying with anti-money laundering duties.
  • Intermediaries such as custodian wallet providers and crypto/fiat exchange service providers must register with the AMF and comply with AML regulations.
  • Platforms and investment advisers can opt for an optional license, requiring additional regulatory compliance.

Cryptocurrency Mining in French Guiana

While the legality of cryptocurrency mining remains unclear in many jurisdictions, France’s approach is seen as relatively friendly to crypto mining. However, regulatory uncertainty persists in countries such as India and Canada requires a more cautious approach.

Regulatory Uncertainty Around Cryptocurrency Mining

Freeman Law provides a comprehensive resource page on the legal status of cryptocurrency for each country across the globe, including statutory or regulatory provisions governing cryptocurrency.

Consultation and Support

If you have questions about cryptocurrency, digital currencies, or blockchain technology, Freeman Law can help with digital currencies, tax planning, and tax compliance. Contact us now to schedule a consultation or call (214) 984-3410 to discuss your concerns.