France imposes tougher KYC requirements for crypto, including peer-to-peer transactions

The French Ministry of Finance has formally unveiled stringent know-your-customer requirements for crypto transactions. 

According to a new document released by Minister Bruno Le Maire, virtual asset providers (VASPs) in France will now have to prohibit anonymous crypto accounts.

The Block first reported the impending move on Tuesday. Sources indicated that exchanges would face higher KYC standards as part of a crackdown on anonymity in the space. Now, even crypto-to-crypto transactions will fall under KYC requirements.


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The order was presented to the Council of Ministers on Wednesday, according to a tweet from Le Maire. The attached announcement referenced recommendations from the Financial Action Task Force, the G7 and the G29 as influencing its decision to firm up requirements. 

Sources previously told The Block the decision was related to recent terrorist attacks on France, which Le Maire's announcement also references. French police previously arrested nearly 30 people who allegedly used cryptocurrency to fund Islamist extremism in Syria. 

In addition to KYC measures, sources told The Block that regulation requiring registration for crypto-to-crypto exchanges is on the way.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to or follow her on Twitter for updates @AislinnKeely.