France Moves to Hide Crypto Executives' Addresses After Kidnapping Spree

French legislators have introduced a bill aimed at enhancing the personal security of crypto entrepreneurs who have been targeted in a series of recent kidnapping incidents. This legislative initiative comes as authorities continue to make arrests in connection with multiple ongoing investigations, striving to curb the wave of violence that has affected France's crypto community this year.

The series of kidnapping attempts on crypto figures and their close associates over the past few months, including the co-founder of Ledger and his partner, has prompted French society to develop measures to ensure their safety. Officials are now taking concrete steps to strengthen the confidentiality of the personal details of these executives and their families, while balancing security and transparency.

One of the proposals gaining support among politicians in Paris is to remove the addresses of owners and managers of crypto firms from official trade registers. This measure aims to prevent kidnappers from using publicly available information to identify the residences of their targets. French Justice Minister Gérald Darmanin announced a new decree to swiftly implement this change, following calls from corporate circles.

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 publicly available company records. Unlike previous proposals, which required voluntary requests for removal, this legislation suggests automating the process. Midy's bill, developed after consultations with industry members, aims to restrict access to data currently freely available on online platforms aggregating information from official registers.

The provisions of the bill concern all business officials, particularly those whose personal residence also serves as their corporate address, a common scenario among startups and their owners in the crypto market. The law will oblige operators of official databases, such as Inpi, Infogreffe, and Insee, to share with private platforms only documents in which personal addresses have been redacted.

French authorities have yet to explain the sudden spike in crypto kidnappings, including the abduction of David Balland, co-founder of the crypto wallet firm Ledger, and the attempted kidnapping of the daughter and grandson of the CEO of a crypto exchange. Eric Larchevêque, a business partner of Balland, who had a finger cut off while in captivity, criticized the "laxity" of French law enforcement and urged the government to take stronger measures.

So far, 25 individuals have been charged in connection with the cases in France, and an alleged mastermind was arrested in Morocco but has not yet been extradited. This week, it was reported that 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 the need for joint measures to protect them and their families. He also vowed to "find the perpetrators wherever they may be."