Financial Crime World

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Financial Compliance in French Guiana: Understanding the Cryptocurrency Regime

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French Guiana, an overseas department of France, has established itself as a hub for innovative technologies, including cryptocurrencies. In order to attract meritorious projects while ensuring regulatory oversight, French Guiana’s current cryptocurrency regime is governed by French legislation.

Regulation of Digital Currencies and Blockchains

In May 2019, the French government introduced regulations regarding Initial Coin Offerings (ICOs) and intermediaries providing crypto-asset services under its PACTE law n° 2019-486. This regulation aims to strike a balance between attracting innovative projects and preventing illicit activities.

Optional “Visa” for ICOs

To access a bank account and solicit investment, ICO issuers may apply for an optional “visa” from the French Financial Markets Regulator (AMF). In return, they must file an information document, provide transparent communications to the public, and comply with anti-money laundering duties.

Regulation of Intermediaries

  • Custodian wallet providers are subject to mandatory anti-money laundering registration.
  • Crypto/fiat exchange service providers are subject to mandatory anti-money laundering registration.
  • Platforms and investment advisers may apply for an optional license, which requires compliance with AML duties and other regulatory requirements.

Pioneering Approach to Cryptocurrency Regulation

French Guiana’s cryptocurrency regulation is designed to be both accessible and non-burdensome, allowing the country to remain at the forefront of innovation while ensuring regulatory oversight. As a result, French Guiana has established itself as a pioneer in welcoming new technologies to its territory.

While most jurisdictions have yet to enact laws governing cryptocurrencies, French Guiana’s regulatory framework provides clarity and guidance for individuals and businesses operating in the cryptocurrency ecosystem.