Regulators in France Require Bitcoin Exchanges to be Licensed

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Despite the fact that the Bank of France has already issued a warning on bitcoin and digital currency as a whole, it seems like users in the country haven’t encountered much of a challenge in using their bits. But exchanges, on the other hand, are another story altogether.

Regulators at the French Prudential Supervisory Authority (ACPR) at the Banque De France (Bank of France) have issued a statement outlining that bitcoin exchanges operating in France must be registered and licensed to do so.

The Authority has established that any business that serves as an intermediary by facilitating the sale of or exchange of bitcoin and/or digital currency shall be treated in the same manner as any other money-transmitter operating in the country.

Further, the Authority notes that exchanges must transact through a registered financial institution, such as a bank.

The move, according to the ACPR, serves as an anti-criminal, anti-money laundering, and anti-fraud measure. (via CoinDesk)