French authority forces Bitcoin exchanges to register

French authority forces Bitcoin exchanges to register

(BitcoinExaminer) Every Bitcoin exchange currently operating in France must now be registered with the local authorities and ask for a license in order to legally function in the country. The news was announced by the French Prudential Supervisory Authority (ACPR).


The institution, which is responsible for the regulation of the French banks, has issued a statement clarifying the status of Bitcoin and related exchanges in the country. Besides revealing several concerns and leaving warnings for the users, the ACPR also states that anyone operating an exchange in France must mandatorily have a license.


The move means that every exchange will have to become a provider of payment services
under the authority’s supervision. So all cryptocurrency transactions
that involve exchanges must go through a registered provider, whether we
are talking about a credit institution, payment institution or an
electronic money institution, Coindesk reports.


The ACPR used the same statement to
remind the public that Bitcoin has its hazards. “Risk of fraud and money
laundering and terrorist financing” are just some of the dangers set
forth by the French authority, which also recalled that the European
Banking Authority (EBA) has already issued other public warnings about
digital currencies.


Despite the consequences for the
exchanges, the statement doesn’t force the individual users living in
France to adapt to any changes.

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