Regulators Are Unhappy With French Tobacco Shops That Want To Sell Bitcoins

The financial regulatory authorities in France known as the Autorité des marchés financiers, and the Banque de France just issued a publication detailing how they feel about KeplerK’s plans to sell Bitcoins. KeplerK announced that it is has gotten the approval necessary to to enter a partnership with tobacco shop owners to sell Bitcoin across France. While the initial reports were that the regulators agreed to the plan, they seem to have changed their minds all of a sudden.

The statement that was issued on Monday was as follows:

“The distribution of Bitcoins by a public limited company called PAYSAFEBIT SASU with 50000 euros, trading under the name KEPLERK, which doesn’t have approval or authorization from France or any other foreign country, doesn’t provide guarantee to customers.”

The concern regulators may have had is that KeplerK will be operating without liquidity to cover exchanges. However, there are many ways for the company can ensure that customers get their BTCs delivered to them safely. The regulators may also be concerned that the company doesn’t have enough capital to cover for eventualities like a lawsuit from customers. Their statement didn’t specify what their main concern is. All it talked about was the risks attached to dealing with cryptocurrencies. It did not mention any enforcement action against the firm or any plans to stop the them.

KeplerK Moves Forward With Its Plans

The announcement by the regulatory authorities in France hasn’t stalled the efforts of KeplerK in any way. The company did not update its followers on any delays or suffer any loss of traction. The firm covers exchanges that function like CoinBase along with in-person exchanges. Using it is easy. All a user will have to do is cash into an exchange to get a ticket that can be redeemed on the KeplerK website or mobile app. The app is available on all the common app stores.

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AMF, on the other hand, believes that the similarity in spelling might lead people to think that KeplerK is the same as another company called Kepler Cheuvreux. Note that both companies are not affiliated in any way. Kepler Cheuvreux is a fully regulated independent financial firm. It is not clear whether this new information from the regulators will affect KeplerK’s plans or not.

The AMF, some time ago, blacklisted many cryptocurrency related websites. The move was not inline with the parliamentarians effort to promote blockchain technology and initial coin offerings. Right now, no one is sure what the country’s stance towards blockchain is. It seems to change every now and then.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.


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