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French Guiana Takes a Proactive Stance on Anti-Money Laundering Laws

In an effort to remain at the forefront of digital innovation, French Guiana has adopted strict regulations to combat money laundering and terrorist financing. As part of France’s territorial collectivity, the region’s cryptocurrency regime is governed by French legislation, ensuring a cohesive approach to regulating digital currencies.

Digital Currencies and Blockchains Under Scrutiny

In May 2019, France implemented measures under its PACTE law n° 2019-486 to regulate Initial Coin Offerings (ICOs) and intermediaries providing crypto-asset services. The regulations aim to attract legitimate projects while ensuring the integrity of the ecosystem.

Key Regulations

• Optional “Visa” for ICOs: The French Financial Markets Regulator (AMF) has introduced an optional “visa” system, allowing ICO issuers to access a bank account and solicit investment in exchange for filing comprehensive information documents and complying with anti-money laundering duties.
• Mandatory Registration and Licensing: Custodian wallet providers and crypto/fiat exchange service providers are required to register under the French AML regime, ensuring compliance with a set of rules that include provisions for combating money laundering and terrorist financing.

A Pioneering Approach

France’s cryptocurrency regulations have been praised for striking a balance between facilitating innovation and protecting the integrity of the financial system. By adopting these measures, French Guiana is positioning itself as a leader in the global fight against money laundering and terrorist financing.

Expert Insights

Regulatory uncertainty persists in many jurisdictions, with most countries yet to enact laws governing cryptocurrencies. However, under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, subjecting them to specific laws and regulations.

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