Bill to protect French crypto millionaires from kidnapping spike gains momentum

A new bill meant to improve the personal security of French crypto entrepreneurs, targeted in a string of recent kidnapping attacks, has been drafted and filed in Paris.

The legislative initiative coincides with ongoing arrests of suspects in multiple cases that are still under investigation, while authorities are working hard to end the wave of violence that shook France and its crypto space this year.

French officials scramble to deal with daring kidnappings

The series of kidnapping attempts on crypto figures and their close ones over the past few months, including a Ledger co-founder and his partner, has spurred the French society to elaborate measures to ensure their lives and security are sufficiently protected in the face of the still-present threat.

Reacting to the criminal phenomenon, officials are now taking concrete steps to strengthen the confidentiality of the personal details of these executives and their families, while trying to maintain balance between security and transparency, the French crypto news outlet Journal du Coin noted.

One of the proposals pitched in the public space in response to calls from corporate circles has been gaining support among politicians in Paris. The idea is to remove the addresses of owners and managers of crypto firms from official trade registers.

According to the French financial daily Les Echos, the kidnappers may have used the files to identify the places of residence of their victims. On June 11, French Justice Minister Gérald Darmanin announced a new decree to swiftly implement the demanded change.

Translated post of French Justice Minister Gérald Darmanin urging the removal of the addresses of owners and managers of crypto firms from official trade registers. Source: Gérald Darmanin (X/Twitter)

New law to preserve the privacy of crypto businessmen

Also on Thursday, French lawmaker Paul Midy from the center-right Renaissance party submitted a bill designed to protect the privacy of business leaders by deleting their personal addresses from the publicly available company records.

Unlike previous proposals in the same direction, which envisaged removal of the sensitive information upon request and on a voluntary basis, this piece of legislation suggests automating the process, La Tribune explained in an article .

Following consultations with industry members, Midy wants to restrict access to the data that is currently freely accessible on online platforms aggregating information from official registers, the business weekly detailed.

The provisions concern all business officials in general, but especially those whose personal residence also serves as their corporate address, as is often the case with startups and their owners, particularly those active in the crypto market.

The law will oblige the operators of official databases, like Inpi, Infogreffe, and Insee, to share with private platforms, such as Société.com, Pappers, and SociétéInfo, only documents in which personal addresses have been redacted.

French authorities are yet to explain the sudden spike in crypto kidnappings, including that of David Balland, co-founder of the crypto wallet firm Ledger, and the attempted abduction of the daughter and grandson of crypto exchange Paymium’s CEO.

Eric Larchevêque, business partner of Balland, who had a finger cut off while in captivity, took to X to urge the government to “stop the Mexicanisation of France,” criticizing what he described as the “laxity” of French law enforcement.

So far, 25 individuals have been charged in connection with the cases in France, and an alleged mastermind was arrested in Morocco, but he is yet to be extradited. This week, France 24 reported that the French police have detained more people over last month’s kidnapping for ransom of a crypto entrepreneur’s father.

Prompted by the spate of brazen attacks, French Interior Minister Bruno Retailleau summoned crypto bosses in mid-May to discuss their security, emphasizing on the need for taking joint measures to protect them and their families. He also vowed to “find the perpetrators wherever they may be.”

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