France is on the verge of imposing mandatory KYC rules for all crypto transactions
France is set to implement stringent new measures for the country’s cryptocurrency sector, The Block reports.
The French Finance Ministry is preparing to not only harden know-your-customer (KYC) rules for crypto firms but also regulate crypto-to-crypto transactions, according to Simon Polrot, president of French crypto association ADAN.
The main reason for the proposed stricter measures are the recent terrorist attacks on France.
Two weeks before the attacks, i.e., in September, French police had arrested 29 people suspected of funding Islamist extremists in Syria using cryptocurrency.