France’s council of ministers has approved various new measures to fight Cryptocurrency transaction’s anonymity. Right now, the accounts that are anonymous are being banned to combat the issues effectively. France’s finance minister stated that strict laws are required to fight the finance that funds terrorism. The council of ministers endorsed an ordinance, and it consisted of various measures to have a stronghold on surveillance of crypto-related activities. The ordinance is expected to go active by six months, and it was submitted by Bruno Le Maire, France’s Minister of Finance, along with other ministers Olivier Dussopt and Sébastien Lecornu.
Recently Le Maire had tweeted that we must work together to dry up the financing that the terrorists receive, and he also added that he, along with the Council of Ministers, has given the order to ensure that the country is able to fight the anonymity of crypto transactions. The upcoming decrees will highlight the measures implemented by the ordinance, and all the exchanges are notified to maintain a stringent KYC system to battle crypto anonymity. The customers will now have to present two proofs of identity to initiate the transactions, and every ID requirement will be accompanied by a SEPA transfer.