PACTE Bill has Strengthened the Already Existing Cryptocurrency Regulatory Powers of AMF

By dan saada April 18, 2019 Off

The long and cold winter for cryptocurrency has been one of declining market values and bouts of regulatory crackdowns. The Top 3 coins in the cryptocurrency market continue to be bullish. 

Bitcoin, Ethereum, and Ripple had the required momentum to work beyond the bears.  The price of Bitcoin has been trending above $5,200.  While Ripple and Ethereum were trending the bulls way the rest of the Altcoins were not doing so great.  They were hovering in the bullish patterns.

Visa has announced a partnership with Coinbase in order to facilitate its customers to make current purchases using cryptocurrency.  The partnership is focused on facilitating the instant conversion of fiat by making use of the backend system.  Coinbase card might most likely be linked to the cryptocurrency account of the holder facilitating purchases in Litecoin, XRP, Ethereum, and Bitcoin.

Visa stated that the cardholders “spend crypto as effortlessly as the money in their bank.”  It is also likely that the card will facilitate ATM withdrawals.

When making a remark about the move initiated by the partnership between Coinbase and Visa, Zeeshan Feroze, CEO of Coinbase UK commented, “Customers can use their card in millions of locations around the world, making payments through contactless chip and PIN. When customers use their Coinbase Card, we instantly convert crypto to fiat currency.”

Kraken has called Bitcoin SV as toxic.  They have announced their decision to delist Bitcoin SV following the results of a recent poll on Twitter.

The Kraken announcement read thus:  “Over the past few months, the team behind Bitcoin SV have been involved in behaviour completely antithetical to what we at Kraken and the wider crypto community stands for. It started with fraudulent claims, escalating to threats and legal action, with the BSV team suing a number of people speaking out against them. The threats made last week to individual members of the community were the last straw.”

The Pacte bill in France facilitates licensing of crypto custodial services, dealers and brokers.  Whether for “purchase or sale of digital assets against the legal tender or other digital assets.”

Obtaining a license is optional; however, the AMF elaborated stating, “Whether or not they choose to obtain the optional license, service providers who wish to provide digital asset custody services to third parties or to purchase/sell digital assets in exchange for legal tender are subject to mandatory registration with the AMF.”

The Pacte Bill has strengthened the already existing regulatory powers of AMF.

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