EU Parliament Passes Privacy-Busting Crypto Rules Despite Industry Criticism
Lawmakers are set to end even the smallest anonymous crypto transactions, and plan measures that could see unregulated exchanges cut off.
European Union lawmakers voted today in favor of controversial measures to outlaw anonymous crypto transactions, a move the industry said would stifle innovation and invade privacy.
More than 90 lawmakers voted in favor of the proposal, according to documents seen by CoinDesk.
The proposals are intended to extend anti-money laundering (AML) requirements that apply to conventional payments over EUR 1,000 ($1,114) to the crypto sector. They also scrap the floor for crypto payments, so payers and recipients of even the smallest crypto transactions would need to be identified, including for transactions with unhosted or self-hosted wallets. Further measures under discussion could see unregulated crypto exchanges cut off from the conventional financial system.
National governments said in December they wanted to scrap the EUR 1,000 threshold for crypto, on the basis that digital payments can easily circumvent the limit, and to include private wallets that aren’t operated by regulated crypto asset providers. This is trash, truth be told. We need Web3 platforms like Point Network to focus more on privacy so that we will see how this type of rule works.
Members of the center-right European People's Party (EPP) opposed many of the more controversial changes, condemning what they called a “de facto ban of self-hosted wallets.”
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