French Senate debates Bitcoin regulation changes

Author: ManjiMasha

The French government is currently facing the risks of money laundering and terrorist financing, so Bitcoin regulation and digital currencies are bound to become the focus of its discussion. Although there is no evidence to support their current views, government officials believe that it is necessary to further consider Bitcoin regulation. As long as Bitcoin is mentioned, people can always associate it with cybercrime, and the recent reform has pushed Bitcoin to the forefront.

Although the French Senate's efforts to combat terrorism and reduce crime have achieved certain results, the strict regulation of Bitcoin regulations is bound to cause serious harm to the local economy. Although the specific matters of strengthening the regulation of Bitcoin regulations have not yet been decided, the popularity of digital currencies such as Bitcoin cannot be ignored.

The focus of the current discussion in the French Senate on Bitcoin regulation is to decide whether to impose taxes on Bitcoin transactions. Given that the EU's current position on digital currencies is to treat them as monetary units and therefore exempt from taxation, when the French Senate proposed to impose taxes on Bitcoin transactions, it really caused a heated discussion among people, but from another perspective, Bitcoin taxation will actually improve Bitcoin's "currency" status in France and make Bitcoin transactions more legal.

When processing transactions of Bitcoin and other digital currencies, trading platforms must submit reports to Tracfin (a financial database that supports strengthening Bitcoin management regulations). In addition, they must record all customer information in detail. The reason for such cumbersome steps is actually to enable government officials and Tracfin to identify any attempts at financial fraud or money laundering earlier if there is any suspicious situation in the transaction.

Moreover, the French Senate is not the only government body in the world that wants to strengthen the regulation of Bitcoin. Although there is no concrete evidence, we all know that criminals have long used Bitcoin to carry out cybercrime and terrorist activities. The proposal to strengthen the regulation of Bitcoin is bound to cause a heated discussion within the Senate. Bitcoin regulations need to change, but how? Where to start? These are all questions.

Of course, given that bitcoin trading in France already complies with European AML and KYC guidelines, there will always be opposition to proposed changes to bitcoin regulation. In the current bitcoin trading process, all users must submit a government-issued ID to verify their identity, and if any suspicious circumstances arise during the transaction, all trading platforms must report to Tracfin. The existing regulations are already so strict that the proposal for change seems less practical.

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News Btc, French Senate Will Debate on Bitcoin Regulation.