The regulation of cryptocurrencies in the most important countries of Europe

Since Bitcoin was created in 2009, the popularity of cryptocurrencies has been increasing. Although for many the use of these virtual currencies is quite beneficial, within the framework of legality, there are still many loose fringes, since, when working with cryptocurrencies, we do it within a decentralized network whose movements are not regulated by any public body or financial entity.

France

Not only in Europe, also in the entire world, France has been catalogued as one who has the most difficult regulatory control when it comes to finance and specifically cryptocurrency. In recent times, the country has taken some quick steps to become a center of activity for the ICO, but strict compliance with encryption standards is the cost of doing business in a well-connected financial center like Paris.

This country is part of the G-20 and is also a member of the FSB, in which there are several regulatory entities, among which the Autorité des Marchés Financiers, the authority of markets and values ​​of the country, regulate cryptographic assets.

For its part, the Autorité de Contrôle Prudentiel et de Résolution, together with the Banque de France, are in charge of ensuring that payment systems and market infrastructures work in the best way.

Italy

On the part of the Government of Italy, as the main regulator, there is the Central Bank, Banca d’Italia (BdI), which plays a fundamental role in the functioning of payment systems. Also, we can see the complete evolution that the cryptographic shows about the impact they can have on financial markets.

The person in charge of supervising the shopping centers is the national center of Borsa, and he is in charge of acting as an intermediary in the same way as he seeks the protection of all investors.

Germany

In this country, the main regulatory entity is the Federal Financial Supervision Authority, better known by its acronym (BaFin), the financial regulatory authority of Germany. It is an independent German federal institution headquartered in Bonn and Frankfurt and under the supervision of the Federal Ministry of Finance, responsible for the supervision of those offering services related to cryptoactives.

In addition to this regulatory entity, there is the Federal Ministry of Finance, where responsibility for all legislation related to cryptography is generated.

However, it can be noted that Germany has legislated on the tax treatment that should be given to cryptocurrencies. The Ministry of Finance of that country has recognized cryptocurrencies as a means of payment equivalent to a legal currency.

The document dated October 27, 2018 states that purchases of goods or services with bitcoins and other cryptocurrencies will not be subject to taxes while their use is as a means of payment. They shall be means of payment insofar as they are accepted by the parties to the transaction as alternative, contractual and immediate methods of payment and are used for no other purpose than to serve as such.

Comments are closed.