France cracks down on illegal cryptocurrency ATMs
Date: 2024-12-19 Author: Oliver Abernathy Categories: IN WORLD
In France, the use of cryptocurrency ATMs is subject to strict regulations. According to the law, operators are required to register as virtual asset service providers (VASPs). The Financial Markets Commission (AMF) emphasizes that ignoring these rules has serious consequences. The penalty for illegal activity is up to two years in prison and a fine of up to 30,000 euros.
Of particular concern is the possibility of illegal cryptocurrency ATMs being used for money laundering and fraud. These devices allow users to freely purchase, transfer and exchange bitcoins, which poses risks to the financial system.
The AMF is also actively preparing for the innovations under the European Cryptocurrency Regulation Act (MiCA), which will come into force on December 30. Since August, the department has been accepting applications from operators for registration and licensing. The new law requires stricter control over the activities of crypto companies, aimed at increasing transparency and reducing risks.
The problem of illegal crypto ATMs is relevant not only in France. British law enforcement last year carried out a similar operation, warning citizens about the risks associated with the use of such devices. Despite the control measures, analysts at Research and Markets predict rapid growth in the crypto ATM market. According to them, by 2032, the global turnover in this area could reach $2.58 billion.
These measures show that European governments are aiming to create a safe crypto ecosystem in which there is no place for illegal transactions and fraud.
