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France set to ban anonymous crypto accounts to prevent money laundering

French financial authorities are strengthening the country’s cryptocurrency regulations in a move to prevent illicit activities such as money laundering.

On Dec. 09, some ministries in France jointly introduced an order planning to prevent anonymous digital asset transactions by banning anonymous crypto accounts.

According to cointelegraph, the latest regulatory effort is backed by French finance minister Bruno Le Maire, overseas minister Sébastien Lecornu and junior economy minister Olivier Dussopt. The order is pursuant to Article 203 of France’s PACTE law, which stands for the Action Plan for Business Growth and Transformation.

In the document, the ministries have declared that digital assets or cryptocurrencies provide “significant opportunities for the economy,” stating that the French government is fully aware of its importance.

The authorities noted that despite promising opportunities, crypto also comes with important risks related to illicit financial activity.

Major global authorities and organizations including the Financial Action Task Force, the G7 and the G20 have called for measures to prevent illicit activity using crypto, the ministers said, noting:

“The government wishes to promote the development of crypto assets under the best conditions of security and attractiveness.”

Therefore, the French government is preparing to introduce new regulatory provisions in order to apply new digital identification tools for crypto transactions and virtual asset service providers.

The document reads:

“This request, which emanates from actors in the ecosystem, will make it possible to fight against anonymous transactions in digital assets while facilitating user identification.”

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