French authorities decided not to wait for the European Union to pass the Markets in Crypto-Assets regulation (MiCA). At the end of February, the National Assembly voted to introduce tougher licensing rules for new crypto firms. The French government believes that the move will help bring local laws in line with proposed EU standards.
The vote was passed with 109 votes (60.5%) in favor to 71 (39.5%) against. The French Senate has already passed the bill and sent it to Emmanuel Macron. The President has fifteen days to approve the bill or return it to the legislature.
What will the new law mean for the crypto market?
If the law is passed, French crypto service providers would have to comply with stricter Financial Markets Authority (AMF) rules. They would also have to prove that customer funds are segregated.
The new regulation will also include new rules on reporting to regulatory authorities, such as providing necessary information on risks and potential conflicts of interest.
Who is exempt from the new law?
60 cryptocurrency companies registered with the AMF, France’s financial regulator, will not have to comply with the law in its entirety. Most likely, they will continue to adhere to the AMF’s regulations until the adoption of the MiCA regulation by the EU.
The tougher rules will only apply to companies registered after July.
What will be the consequences of the tougher rules?
So far, crypto regulation has been mostly restrictive. For example, in Russia, crypto cannot be used as a legal tender. In China, all digital assets are banned, except for the digital yuan. The U.S. authorities are competing with each other for the right to regulate crypto, arguing whether it should be classified as a security or a commodity.
Most attempts to regulate crypto have been rough and immature. The reason is that regulatory authorities do not understand the nature of digital finance.
As a result, cryptocurrency owners are facing difficulties. Regulators hope to attract large businesses into the crypto industry, but there is still a long way to go. Ordinary digital asset holders, on the other hand, are experiencing problems right now. Their assets are being unreasonably blocked on exchanges and attracting the attention of law enforcement agencies.
The reason for this is the transparency of the blockchain. It is impossible to track fiat money, while electronic transactions are available for public scrutiny.
Users often risk getting coins that were previously registered in shady transactions or came from sanctioned wallets. In today’s crypto market, the owner is still responsible for proving their assets are untainted.
A bitcoin mixer is the best way to protect your assets
Mixer.Money distinguishes itself from other similar services by offering a high level of anonymity. We have modes that do not mix the assets of our clients but instead provide clean bitcoins from exchanges and our verified investor partners. Thanks to bitcoin.mixer 2.0 algorithm, all coins provided by our bitcoin mixer have a positive track record.
The mixer has two basic modes.
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Users receive their assets at two addresses. Bitcoins are provided by users from other exchanges. As a result, the coins are already verified by the exchange and have a good track record. The algorithms constantly split and check the coins. The wallets are selected in such a way that the user receives the exact amount back. ‘Complete anonymity’ helps to obscure the trail of bitcoins.
The system automatically chooses the time to deposit the coins back to the customer’s account in order to comply with all the algorithm’s conditions. It is impossible to analyze the share of assets distributed between wallets. Thanks to the simple and inconspicuous transactions on the blockchain, the assets are protected from cluster analysis, and it is even difficult to detect that a mixer has been used at all.
Extra touches from Mixer.Money
Mixer.Money was established in 2016 and has operated ever since. The experience itself proves the mixer’s reliability. For the crypto industry, seven years is quite a lengthy period.
A great feature of our mixer is the opportunity to delay transactions: the address generated for depositing coins remains active for up to 7 days. If the withdrawal of funds is delayed by the platform from which the coins are sent, the address does not simply disappear.
Another nice touch is the opportunity for a customer to check our operation for free. If a user sends 0.001 BTC, no mixing fee is charged, and the coins are returned to the same address.
If you would like to protect your assets, click any of the links below and visit Mixer.Money.
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Mixing guide: https://mixer.money/en/faq/#instr
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Image by Nuno Lopes from Pixabay
