France: One in four scams involves cryptocurrencies

France’s financial ombudsman, Marielle Cohen-Branche, recently revealed that less than 25% of the country’s financial fraud was linked to cryptocurrencies and investment schemes.

France and the Financial Ombudsman

A few days ago, French financial ombudsman Marielle Cohen-Branche said in her report that approximately 25% of suspected money fraud in France last year was cryptocurrency.

The ombudswoman states that this is an increase of 6% compared to 2020. Cohan-Branche advised all cryptocurrency investors to choose local companies licensed by AMF and to exercise caution. Cryptopotato magazine states:

“Companies wishing to provide digital asset services in France must register with the Autorité des Marchés Financiers (AMF). The agency is responsible for protecting investments in the country and monitoring compliance with anti-money laundering procedures. “

France has been facing an increase in financial fraud over the last two years, with some regulators calling for stricter regulations. A year ago, the AMF President called for a regulatory framework for digital assets.

The head of the French central bank, in turn, demands stricter rules for the cryptocurrency sector.

“Whether it is digital currencies or payments, we in Europe must be prepared to act as quickly as necessary or to risk undermining our monetary sovereignty.”

Conclusion

The increased incidence of fraudsters across the cryptocurrency industry grew during the onset of the Covid-19 coronavirus pandemic. Fraudsters damage the name of cryptocurrencies by parasitizing people. Be careful and you can always contact us if you have any questions.