Anonymous Crypto Accounts Will be banned by the French Authorities

Just a few months back, the French crypto-investigation and law enforcement teams had made it to the headlines. The French authorities confirmed that after several months of investigation, it managed to take down a large group of people. As per French authorities, these groups were involved in potential terrorist activities and were purchasing digital-assets to move them to the designated accounts.

Once they had their hands on cryptocurrencies, they would move the funds to the accounts that were directly linked with the terrorist syndicates.

Over the course of time, numerous terrorist and money-laundering cases have been dealt with by the French authorities. However, the crypto-industry has gained even more recognition, popularity, and adoption in France over the course of time.

As per the French authorities, the situation has now become severe and alarming. Therefore, the French authorities have started taking radical steps to prevent the spread of money-laundering and terrorist activities.

For the prevention-eradication of the money-laundering and terrorist elements, France has started focusing on crypto-systems. In the latest reports, the financial authorities of France are in the process of making amendments to the crypto-regulations in order to strengthen them.

The country’s financial authorities are doing this to ensure they are able to control and prevent the money-laundering and terrorist elements from carrying out their operations in the country.

On December 9, 2020, there were several French ministries that worked jointly and introduced an order. The aim of this order is to prevent any anonymous crypto-transactions from taking place in or out of France. To ensure that this is strict, the French ministries have ordered that anonymous cryptocurrency accounts must be banned.

A few of the most prominent French ministers that have backed the order are Sebastian Lecornu (overseas minister), Olivier Dussopt (junior economy minister), and Bruno Le Maire (finance minister).

The order has been introduced as the pursuant of France’s PACTE law for Article 203.

In the document of the order, the French ministries have admitted that the cryptocurrencies and digital assets have been providing significant opportunities for the French economy. The document also clarified that France is completely aware of the importance of crypto-currencies and digital assets.

However, the document noted that while the crypto-industry is full of opportunities, yet the industry holds very significant risks. The main risk with cryptocurrencies is that they are mainly involved with the illicit financial activity.

While proposing the order, the ministers also quoted the arrests that were conducted by the French Authorities in the month of September 2020. The arrests were conducted against groups that were involved in activities related to terrorist financing. The individuals arrested were all involved in purchasing of digital-assets in order to make sure they were untraceable.