• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / France’s new crypto law forces banks to deal with crypto startups fittingly
Crypto

France’s new crypto law forces banks to deal with crypto startups fittingly

April 30, 2019 by Ali Raza

Getting a bank account if you are in the crypto industry is complicated. Double that trouble if you are a fledgling startup with no track record and no cash, but that is now a worry of the past, thanks to the recent crypto law France introduced. The constitution guarantees a bank account to any crypto company that is willing to opt into regulation.

It is a surprising move by the French government and the financial regulator AMF (Autorité des Marchés Financiers), which might be seen as avant-garde compared to other large countries such as the United States. In the US, the regulators have warned about “reputation risks” to banks that provide a deposit account to companies in the digital currency business.

Talk between AMF and stakeholders: Key to regulations

Domitille Desertine, the head of AMF’s fintech, innovation and competitiveness divisions, there was apparently good feedback from cryptocurrency businesses that was matched by the authorities. She went on to say that the government is supportive of the right to access to banking as long as the company in question is regulated.

She added that while the relationship between a bank and a startup is still contractual but if the bank refuses, they will need to justify to the AMF why they did not allow a startup to open a bank account. This will apply to all banks; no matter small or large, without exceptions.

IMF fintech head also drew a parallel to the crowdfunding issue a few years ago where banks did not want to open up bank accounts for those platforms because the money was coming from “random places on the internet.” She stated that this requirement is just one, a small part of a far-reaching blockchain focused bill that was adopted on the 11th of April.

PACTE Law offers many more options to blockchain based businesses

The French government has been keen to become a top destination for blockchain and cryptocurrency businesses. The law is designed to create a much more favorable environment for small and medium enterprises that they believe will boost the economy with a wave of innovation and entrepreneurship.

As per Domitille, there is also a provision in the law for visas to be offered to businesses that plan to provide ICO services and other “digital asset service providers.” Exchanges and custodians are also part of the plan. This is not a spur of the moment law; there has been a sense of urgency to put it into the place according to a partner at Simmons & Simmon, a top Paris based law firm. Emilien Bernard-Alzias stated that plans began some time ago and have only now come to fruition.

Dessertine meanwhile has said that interest in the new framework has been high with “20 to 30 digital asset service providers having been in touch already”. Though the formal application process will not be open yet, with the end of summer being touted as the start point, it seems that many firms will be prepared to jump as soon as the doors open.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Filed Under: News Tagged With: Blockchain, Crypto Market, Crypto Regulations, Cryptocurrencies

Primary Sidebar

Recent Posts

  • Dogecoin Breakout Nears $0.30 as Bitcoin Hits New All-Time High May 23, 2025
  • Cardano vs Ethereum Price Predictions and Why Remittix Could Be Set To Outperform Both In 2025 May 23, 2025
  • VC Flows Into PI Network And Whale Shorts on Hyperliquid Trigger Rotation Into Meme Coin Wildcards, FPPE Is First On The List May 23, 2025
  • Top 3 Best Cryptos to Buy Right Now With Breakout Potential in 2025 May 23, 2025
  • AVAX Breaks Out of Falling Wedge, Surges 9% Toward $40 May 23, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.