There have been difficulties installing Bitcoin distributors in France; the Shitcoins Club company had eight ATMs on French territory. However, the Bitcoin ATM law enforcement measures may have already eliminated all of the Bitcoin dispensers.
France reject Bitcoin ATM’s
France is renewing its commitment to manage, monitor and restrain the access to cryptocurrencies by rejecting bitcoin dispensers on French territory.
Following Bruno Le Maire decision to strengthen the control of cryptocurrency transactions, it is now time for Bitcoin ATMs face obstacles as authorities apprehend the machines.
The portrayal of the facts gives the impression that the police were looking for those involved in organized crime …
“The Central Office for the Repression of Major Financial Crime enabled this simultaneous crackdown throughout France.
The judicial part of the investigation is taken care of by the national court in charge of the fight against organized crime. ”
All over the world, the number of BTC and cryptocurrency distributors is increasing, though France has demonstrated its disapproval with excessive censorship and regulation.
The Paris prosecutor’s office began a preliminary investigation into suspected money laundering operations by the Bitcoin distributors, which lead to the seizure of the ATMs.
French Financial Markets Authority
The regulations concerning ATMs are stringent in France and requires registration with the Financial Markets Authority (AMF). The lack of registration by the Shitcoins company, who operate out of Poland, provided the authorities with ample motive to confiscate 200,000 euros.
Therefore, the anonymous purchase of Cryptocurrency’s in France has been blocked by the French financial authorities. The stringent French crypto regulations continue to slow down the development of the adoption of cryptocurrencies by the general public and may even be to the detriment of internet development.
Like many countries, France is walking a fine line between controlling organized crime and stifling innovation.
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