France wants more strictly KYC rules

The finance minister wants to expand the current rules to the crypto-crypto exchanges and transactions also, and take the threshold lower. Right now, there is a 1000 euro limit for transactions, below this, users don’t have to make KYC if they aren’t involved in fiat transactions or exchanges. But this could be used for money laundering and even terrorism financing, so the rules need to change.

The local crypto-sector did not welcome happily the plans, as the KYC process for one user is 1 USD now, but it could up to 5 USD. And there is no guarantee for purchasing from that user, not guaranteed revenue for the companies