Bitcoin Daily: France Bans Anonymous Crypto; Australia Cracks Down On Crypto Drug Trafficking

The Finance Committee in France released a report that calls for the ban of certain cryptocurrencies that enable anonymous transactions.

“We must be aware of the problems that [cryptocurrencies] can pose in terms of fraud, tax evasion, money laundering or fraud, or energy consumption,” said Eric Woerth, the president of the committee, according to Forbes.

“It would also have been appropriate to propose a ban on the dissemination and trade in [cryptocurrencies built] to ensure complete anonymity by preventing any identification procedure by design,” he added. “This is the case for a certain number of [anonymous cryptocurrencies] (Monero, PIVX, DeepOnion, Zcash…) whose purpose is to bypass any possibility of identifying the holders. To date, regulation [in France] has not gone that far.”

In news on North Korea, a new report to the UN Security Council has revealed that North Korea has stolen some $670 million in virtual and fiat currency through cyberattacks.

The panel recommended that UN member states “enhance their ability to facilitate robust information exchange on the cyberattacks by the Democratic People’s Republic of Korea with other governments and with their own financial institutions,” according to The Next Web.

In other news, the anti-money laundering watchdog in Australia has suspended the license of two crypto exchanges after it was discovered that the businesses were being used for drug trafficking.

According to Reuters, the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Federal Police (AFP) announced the arrest of a “key member” of the suspended businesses, and charged him with importing, trafficking and possessing about 30 kg of drugs including cocaine.

“While cash is still ‘king,’ digital currencies are fast becoming the preferred choice for organized criminal networks involved in money laundering, funding terrorism, and cybercrimes,” Cybercrime Squad commander Detective Superintendent Matt Craft said. “Let this be a warning to digital currency exchange providers: if you fail to comply with your obligations, your actions will not go unnoticed.”

And Fidelity has launched a new company, Fidelity Digital Assets, which will complete trades on multiple crypto exchanges for investors, including hedge funds and family offices. It also handles custody of digital assets.

“In terms of our pipeline, prices really haven’t had an impact,” says Tom Jessop, head of Fidelity Digital Assets, according to CNBC. “If anything, they are as encouraged now as they were when prices were higher.”