France calls for EU-wide crypto regulation

France's finance minister is pushing for a regulatory framework for cryptocurrencies that will cover the entire European bloc.

1 min read

Sep 13, 2019

French Finance Minister Bruno Le Maire has called for an EU-wide “common framework” governing cryptocurrencies, according to Reuters.

Speaking before 28 European leaders at Helsinki, Le Maire also reportedly reiterated concerns over Facebook’s planned Libra cryptocurrency, which he said yesterday threatened “monetary sovereignty.”

Elsewhere in his address, Le Maire urged, once more, for a “public digital currency,” without specifying further.

The EU has yet to legislate on cryptocurrencies, instead leaving regulation to its member states. Exchanges and money transmitters, however, still have to comply with bloc-wide EU anti-money-laundering regulations.

In some cases, companies have to seek approval from local regulators before they can operate across the entire bloc.

Le Maire, for his part, isn’t wholly anti-crypto, and yesterday granted tax-exempt status to users conducting “crypto-to-crypto” trades that aren’t realized into fiat.

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