Share this article
France Declares War on Crypto Anonymity, Cites 'Terrorism' in KYC Mandate
The French finance ministry is imposing sweeping KYC rules on all VASPs in the country.
By Danny Nelson
Updated Sep 14, 2021, 10:41 a.m. Published Dec 9, 2020, 8:23 p.m.
The French Ministry of Finance unveiled sweeping know-your-customer (KYC) requirements on all cryptocurrency companies operating in and servicing the country on Wednesday, a move that could ultimately strip the French crypto space of any semblance of anonymity.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
All virtual asset service providers must immediately begin checking their customers' identities, verifying "beneficial owners" and prohibit anonymous crypto accounts, according to the press release from Finance Minister Bruno Le Maire.
He called the action a necessary step in France's fight against terrorism. The press release invoked a terrorist cell that apparently financed itself with crypto until its dismantling in September 2019. "We must drain the euro from all terrorist financing channels," Le Maire declared in a tweet.
Massive new KYC requirements appear to be France's first volley in a wider broadside against anonymity in crypto. The finance ministry said it is also preparing "new regulatory provisions" to fast-track "digital identification solutions" for crypto transactions.
"This demand, which emanates from players in the ecosystem, will make it possible to fight against the anonymity of transactions in digital assets while facilitating the identification of users," the ministry said.
The Block first reported France's KYC plans Tuesday.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin tumbles back below $88,000 as gains evaporate as quickly as they formed
It was a blink and you missed it rally as continued deflation in the AI trade sent the Nasdaq sharply lower, dragging crypto along with it.
What to know:
- Wednesday's early U.S. rally in crypto suffered a near-instant reversal, sending bitcoin back to the $87,000 area minutes after it had jumped above $90,000.
- Artificial intelligence favorites Nvidia, Broadcom, and Oracle were sharply lower, dragging the Nasdaq down by more than 1%.
Top Stories
