The French Government Adopts A Financial Sector Bill
By Tyler Smith – Cryptocurrency Investor
France has adopted a financial sector bill to establish a legal framework for cryptocurrency service providers and Initial Coin Offerings (ICOs) as well as strengthening the powers of AMF, the regulator of the industry. Both mandatory and optional licensing is included for any operation looking to buy and sell Bitcoin.
The bill was launched back in October 2017, just before Bitcoin’s meteoric rise to almost $20,000, containing 70 articles along with regulatory and non-regulatory mechanisms and tax measures to be added to their Finance Bill of 2019. The bill gives the options for cryptocurrency service providers to be licenced under the AMF and its supervision. A company selling Bitcoin, or another cryptocurrency will fall under this section including crypto custodial services, brokers and exchanges. In addition to those selling crypto, organisations that offer crypto remittance, asset management, advisory and underwriting will be included, though obtaining the licence is optional.
The bill goes on to provide ICO issuers with the option to apply for approval from the AMF if they meet certain requirements. The requirements for issuers include legal incorporation or registration in France whilst providing ample information on the project, company and token. Whilst raising funds through the token sale, the issuer must provide a system to monitor and safeguard the assets collected. The ICO can exchange Bitcoin or any other cryptocurrency and is not restricted by the assets they can collect.
Up to this point, fundraising through the issuance of tokens not classified as financial instruments was not subject to any rules. With the adoption of the new bill, the AMF will have more authority over organisations buying and selling Bitcoin.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards