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Author Topic: Bitcoin prohibited in France without banking authorization?  (Read 3271 times)
Mageant
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May 13, 2013, 06:57:01 PM
 #1

Could some French-speaking people check out this recent published law?

Supposedly is says that use of Bitcoin without banking authorization is prohibited:
http://www.legifrance.gouv.fr/affichTexte.do;jsessionid=?cidTexte=JORFTEXT000027396861&dateTexte=&oldAction=rechJO&categorieLien=id

 Huh

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autodidactic
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May 13, 2013, 07:01:55 PM
 #2

"The issuing and managing electronic money



"Section 1



"Setting


"This section does not include regulations.


"Section 2



"Compensation


"This section does not include regulations.


"Section 3



"Contractual Obligations


"Art. R. 315-1.-The electronic money institutions are required to inform their customers and the public the terms and conditions they charge for their transactions. "

Article 3 Learn more about this article ...

Book V of the Code (regulations) is amended as follows:
1 In 2 of Article R. 519-2, after the words "payment institution" shall be inserted the words "an electronic money institution that provides payment services";
2 In the second paragraph of Article R. 519-3:
a) In the first sentence, the words "or the payment institution" are replaced by the words "at the payment institution or electronic money institution that provides payment services";
b) In the fourth sentence, the words "or the payment institution" are replaced by the words ", the payment institution or electronic money institution that provides payment services";
c) In the last sentence, the words "Credit institutions and payment institutions" are replaced by the words: "These settlements";
3 In Article I of R. 519-4:
a) In the first paragraph of 1 and 2, the words "or a payment institution" are replaced by the words "of a payment institution or an electronic money institution that provides payment services ";
b) In the first paragraph 1, the words "or a payment institution" are replaced by the words ", a payment institution or an electronic money institution that provides payment services";
c) 3, the words "or payment institutions" are replaced by the words ", payment institutions and electronic money institutions that provide payment services";
4 For a 3 ° of Article R. 519-8, Article R. 519-9 and Article R. 519-10, after the words "payment institution" shall be inserted the words ", an electronic money institution that provides payment services";
A 5 ° of Article R. 519-20:
a) 2, the words "or payment" are replaced by the words: "payment institutions or electronic money institutions that provide payment services";
b) 3, the words "or a payment institution or any entity controlling a credit institution or a payment institution within the meaning of Article L. 233-3 of the Commercial Code "are replaced by the words", a payment institution or an electronic money institution that provides payment services or any entity that controls, within the meaning of Article L. 233-3 of the Commercial Code, one of these settlements ";
6 In Section II of Article R. 519-26, the words "or a payment institution" are replaced by the words ", a payment institution or an electronic money institution that provides payment services";
7 ° In the last paragraph of Article R. 519-28, the words "or a payment institution" are replaced by the words "of a payment institution or an electronic money institution that provides payment services";
8 ° In Article R. 519-30:
a) 1, the words "and payment institutions" are replaced by the words ", payment institutions and electronic money institutions that provide payment services";
b) 2 and 3, the words "or the payment institution" are replaced by the words "of the payment institution or electronic money institution that provides payment services ";
9 ° In Article I of R. 519-31, the words "or the payment institution" are replaced by the words "of the payment institution or electronic money institution that provides payment services";
10 ° The heading of Title II is replaced by the following: 'The service payment, money changers and issuers of electronic money ";
11 ° In Article R. 522-3:
a) In the first paragraph, the reference "R. 613-4 "is replaced by the reference" R. 612-36 ";
b) In the second paragraph, the word "said" is replaced by the word "this";
c) In the third paragraph, the words "it may have" are deleted;
d) the second and fourth paragraphs, the words "the second paragraph of Article R. 613-5 "shall be replaced by the words" in Article R. 612-39 ";
e) In the fourth paragraph, the words "should be" are replaced by the word "is";
12 ° A sub-section 2 of Section 2 of Chapter VI of Title II shall be inserted Article R. 526-5 as follows:
"Art. R. 526-5.-When the Prudential Control Authority opens disciplinary proceedings against an electronic money institution of another Member State of the European Union or another State party to the Agreement on the European Economic Area operating on the territory of the French Republic, it shall inform the competent authority of the Member State of origin of the establishment in question the letter referred to in Article R. 612-36.
"It also communicates to the authority's observations in response eventually addressed by the institution and informed the meeting referred to in Article R. 612-39.
"It pays to process all the information provided by the authority of the action taken.
"Except in cases of emergency, a period of at least thirty calendar days elapse between the communication is to the authority of the Member State of origin and the hearing provided for in Article R. 612-39.
"Before following the procedure laid down in the preceding paragraphs, the Prudential Control Authority may, in an emergency, any precautionary measure to protect the interests of holders of e-money.
"In case of breach of the provisions of general interest within the meaning of the second and third paragraphs of Article L. 511-24, the Prudential Control Authority may, pursuant to Article L. 613-33-3 and without following the procedure laid down in the preceding paragraphs, say one of the disciplinary sanctions listed in Article L. 612-39. ";
13 In 3 of Article II of R. 561-10, the words "transfer of funds" are replaced by the words "transfer of funds";
14 In the second sentence of Article 5 of R. 561-16, the amount "EUR 2500" is replaced by the amount "000 1";
At 15 ° I and II of Article R. 562-3, references: "1a, 5" are replaced by references: "1 a, 1 b, 5 ';
16 ° The heading of Chapter II of Title VII is replaced by the following: 'providers of payment services, money changers and issuers of electronic money. "

Article 4 Learn more about this article ...

Book VI of the Code (regulations) is amended as follows:
1 The title of Part I is replaced by the following: 'The institutions responsible for regulation and control ";
2 ° In the first paragraph I of Article R. 612-7, after the reference: "L. 522-15-1, "is inserted the reference:" L. 526-29 ";
3 In Article I of R. 612-20:
a) 1, the words "as well as intermediates in banking and payment services" are deleted;
b) 2, the word "member" is replaced by the words "the parties to the Agreement on the European Economic Area";
c) 4, after the words "payment institutions" are inserted the words "and electronic money institutions";
d) is added May 1 ° as follows:
"5 ° The Authority shall establish and regularly update the list of branches of electronic money institutions that issue and manage electronic money in the other States parties to the Agreement on the European Economic Area, specifying services Payment exercised, the list of electronic money institutions which employ persons referred to in Article L. 525-8 to distribute on their behalf, the electronic money in these States. The Authority shall forward these lists to the competent authorities of each of the other states. ";
4 The title of Chapter III of Title I is replaced by the following: 'Specific provisions for credit institutions, investment firms, electronic money institutions and payment institutions ";
5 ° The title of Section 2 of Chapter III of Title I is replaced by the following: 'Provisions relating to the treatment of credit institutions, electronic money institutions, payment institutions and investment firms difficulty ";
6 The title of the sub-section 1 of Section 2 of Chapter III of Title I is replaced by the heading "Specific measures for the protection, recovery or judicial winding up of credit institutions electronic money, payment institutions and investment enterprises ";
7 ° In the first paragraph of Article R. 613-10, after the words "of the credit institution" shall be inserted the words "of the electronic money institution";
8 ° In the first paragraph of Article R. 613-11, after the words "of the credit institution" shall be inserted the words "of the electronic money institution";
9 ° In the first paragraph of Article R. 613-12, after the words "the credit institution" shall be inserted the words "the electronic money institution";
10 ° The title of paragraph 2, sub-section 1 of Section 2 of Chapter III of Title I is replaced by the following: 'Provisions concerning procedures for backup, recovery, and liquidation procedures applicable to credit institutions, electronic money institutions, payment institutions and investment firms reconciliation ";
11 ° In the first paragraph of Article R. 613-14 and Article R. 613-16, after the words "a credit institution" shall be inserted the words "an electronic money institution";
After 12 ° of Article R. 613-20-1, is inserted Article R. 613-20-2 as follows:
"Art. R. 613-20-2.-On the basis of documents and from information provided by the debtor, the electronic money holders, the directors appointed by the Prudential Control Authority and the court and the liquidator appointed by the 'Prudential Control Authority, the representative of the creditors or the liquidator verifies claims in respect of the funds mentioned in the second paragraph of Article L. 613-30-2.
"The statements of these claims are made by the representative of the creditors or the liquidator not later than nine months after the judgment opening. They mention the identity of each of the electronic money holder, the number, nature of the claims mentioned in the second and third paragraphs of Article L. 613-30-2 and the amount of matching funds. ";
13 In Article R. 613-23, after the words "a credit institution" shall be inserted the words "an electronic money institution";
14 In Article R. 616-1, after the words "a credit institution" shall be inserted the words "an electronic money institution";
15 ° The title of the sub-section 1 of Section 2 of Chapter II of Title III shall be replaced by the following: "Special provisions for prudential control authority on credit institutions, electronic money institutions , payment institutions and investment companies. "

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May 13, 2013, 07:18:38 PM
 #3

Viva la France Cheesy as always.

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JimmyFL
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May 13, 2013, 08:19:03 PM
 #4

I speak french pretty well, but WTF is this language?  Shocked Shocked

1)  they established new term: "établissements de monnaie électronique" = electronic-money institution? So I think it could concern Exchanges (hopefully there are no exchanges located in France)
2) autodidactic was faster, read it in english Cheesy
giantdragon
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May 13, 2013, 09:23:08 PM
 #5

1)  they established new term: "établissements de monnaie électronique" = electronic-money institution? So I think it could concern Exchanges (hopefully there are no exchanges located in France)
I think is it EU-wide legislation, because we have similar law in Latvia. It affects only exchanges, no way ordinary users.
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May 13, 2013, 09:30:41 PM
 #6

1)  they established new term: "établissements de monnaie électronique" = electronic-money institution? So I think it could concern Exchanges (hopefully there are no exchanges located in France)
I think is it EU-wide legislation, because we have similar law in Latvia. It affects only exchanges, no way ordinary users.

That could be it, cause the title says:  "d'adaptation de la législation au droit de l'Union européenne" = adaption of the legislation to the law of the European Union

An article in "normal french": http://www.goodinfo.eu/le-regime-dexemption-aux-etablissements-de-monnaie-electronique-est-publie/1311/
mithrandi
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May 20, 2013, 10:27:25 AM
 #7

See http://ec.europa.eu/internal_market/payments/emoney/ for more details.

stevegee58
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May 20, 2013, 10:49:43 AM
 #8

They may not be referring to BTC.  Keep in mind that electronic payment with cell phone is a growing tech area and those payments are based in whatever the local currency is.

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SylTi
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May 21, 2013, 04:14:11 PM
 #9

Yeah it's a european regulation.

The first line in the article say that business  that generate under 5million € are not concerned.
But any business in that branch require 350k€ of assurance + 100k starting funds

atticamo
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December 10, 2013, 06:13:40 AM
 #10

Fuck France; and their Metric System. Give me two Hogshead's of Bitcoin any day!
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