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The good news for French cryptocurrency investors is that their country is leading the charge for industry friendliness. By creating the first crypto regulatory legislation among the major European nations, France cemented its reputation as a leader in the cryptocurrency sector and drew more crypto businesses to the nation:
- For instance, the massive cryptocurrency exchange Binance was given a Digital Asset Service Provider (DASP) registration, allowing the platform to operate in France safely and without repercussions.
- After expanding the options available to French cryptocurrency investors, some major exchanges soon followed.
Tracfin, a French financial intelligence unit tasked with preventing financial fraud, money laundering, and the financing of terrorism, was the first organization to acknowledge cryptocurrency in 2011. Thus, they immediately began researching and examining the cryptocurrency market, and in early 2014, the Prudential Supervision and Resolution Authority (ACPR) developed the first French regulation of cryptocurrencies. Soon after more taxation regulations are implemented, no criminal activities or regulated transactions are implemented.
Most importantly, France is the first significant nation to lobby its fellow European nations to be more accepting and friendly toward the cryptocurrency industry because they understand that there is no way to stop this sector from expanding and that the only thing we can do is find the most effective way to regulate it for the protection of the country’s economy and its people.
And with that, here are some details on how to purchase cryptocurrency in France as well as what you should know before investing.
Best Crypto Exchanges in France
Does France Allow Bitcoin?
One of the nations with one of the most favorable attitudes toward cryptocurrencies is France. With its approach to cryptocurrency in pursuing unrestricted regulation, Bitcoin and other cryptocurrencies are entirely legal and well regulated than anywhere else in the world. Additionally, as a relatively progressive nation, France shares its regulatory framework with the other members of the European Union, which helps to spread the continent’s pro-crypto policies.
The legality of cryptocurrencies in France stems from their recognition as digital assets that can be closely compared to and treated similarly to stock investments. A framework for fundraising through the issuance of tokens known as the Initial Coin Offering (ICO) and Digital Asset Services Providers (DASP) was introduced in 2019 with the introduction of the PACTE Bill. Any blockchain project in France must comply with this and submit an application to the Autorité des Marchés Financiers (AMF), which is their financial authority.
Only those who applied, reported, and established themselves as a legally recognized crypto service provider in France and who have complied with their anti-money laundering and counter-terrorism financing rules are permitted to conduct business in France. With the help of these techniques, French investors can feel safer and more secure in the nebulous, decentralized, and wildly unregulated crypto market.
Buying Cryptocurrency in France: Steps to Take
In France, purchasing cryptocurrencies is a fairly simple process. There are two options for purchasing cryptocurrencies in the country:
- The first is done using a Bitcoin ATM
- The second is done using an exchange on a crypto exchange platform.
Let’s examine how to carry out both.
There are a number of Bitcoin ATMs dotted around the nation that let you deposit or buy Bitcoin, and occasionally other cryptocurrencies, using an automated teller machine. These specialized ATMs only require your crypto wallet, some cash, and a teller machine in order to purchase Bitcoin.
Find the closest automated teller machine and proceed as follows with cash and the QR code for your cryptocurrency wallet:
Find the nearest Bitcoin ATM and bring cash, the address of your wallet, and its QR code.
Select Bitcoin (BTC) or any cryptocurrency using the machine's touch screen. Get the address's QR code in your crypto wallet and show it to the machine's camera. After the camera has finished scanning, confirm your purchase.
Put your money into the machine. Check the total amount of the purchase and the service charge.
After the confirmation, collect the Bitcoins.
Utilizing cryptocurrency exchange platforms is the second and most well-liked convenient method. These are web-based platforms that let you manage your cryptocurrency assets from the convenience of your home, including deposits, withdrawals, investments, trading, and management.
There are a number of excellent options available, all of which are registered with the French authorities discussed in the legality section and have obtained the necessary AMF licenses. These exchanges that are in compliance with the law include Coinhouse, Paymium, Bitit, Coinbase Pro, Binance, Kraken, and others.
Open any internet-connected device, such as a desktop or laptop, and let’s get started buying some cryptocurrency:
Visit the cryptocurrency exchange's website to register and verify your account. You might be asked to provide a legitimate ID card and some personal information. When you're done, you should be able to use the exchange's cryptocurrency services.
Your crypto exchange account can be funded with fiat currency or by linking a bank account, e-wallet, or debit card to it. You can use this to buy any cryptocurrency you have in your account.
Go to the market and look for the cryptocurrency you want to buy, like Bitcoin (BTC). Select it, then select Buy.
Include all relevant information, such as the purchase price and the method of payment. Review the transaction, then give it your approval. Then you're done.
Can I use Coinbase for crypto in France?
In France, Coinbase has support and a business license from the AMF. One of the biggest exchanges in the world, Coinbase offers a user-friendly interface and a secure location to buy, sell, and store cryptocurrencies. Other than Coinbase, there are a number of popular and secure cryptocurrency exchanges like Binance and Kraken that each provide the market with a variety of special features.