The Banque de France is the regulator - it's decision effectively legally defines MtGox as a money transfer business and prohibits it from operating without a licence.
So it seems that
formally the Banque de France acted in its capacity as a regulator (not law-maker). It's
effectively prohibiting mtgox from operating due to the existing law that disallows money transfer businesses to operator without a license by classifying mtgox as a money transfer business. Right?
Thanks for the info - should have read further back.
So they can only do this if they are somewhat certain that Bitcoin was in fact covered by existing legislation. I could imagine there's a good chance of successfully disputing this interpretation of the laws, considering the unique nature of Bitcoin.
Guess we'll have to wait and see... any day now...
The nature of Bitcoin had nothing to do with the decision. They found that MtGox was effectively operating as a money transfer business/bank by taking and holding user deposits of actual currency and that because they weren't licensed to do that they were operating outside the law. The issue being determined was whether they had a right to a French bank account. The ruling pretty much meant that because they weren't appropriately licensed for the services they were providing, the bank didn't have to provide them with services (and neither did any other French bank).