An important vote is taking place in the European Parliament today.
EU Parliament Economic and Monetary Relations Committee, aiming to regulate decentralized wallets where user information is not stored and shared with governments in AML legislation voted on the changes to be made.
The amendment package to be made in the AML legislation will comply with the obligations of financial institutions to provide information regarding the transactions of their customers. cryptocurrency transactions will also include.
Given that decentralized wallets like Metamask do not receive and store user information, these wallets are declared illegal in Europe.
It is considered that this situation will hit the crypto money innovation in Europe.
Initial Results Negative
According to the first results of the voting held in the Committee, the items that would make the wallets that do not store user information illegal passed the committee with slight differences.
58 Yes 52 No 7 While abstaining, another vote will be made on the entire regulation.
Voting on the entire draft is expected to begin at 6 p.m. No different results are expected from the voting on the entire draft.
These proposals of ECON will be discussed later in the plenary session of the European Parliament. Therefore, we are not in the final stages of the legal process yet.
Don’t forget to follow us on twitter for last minute developments.
Provisions against decentralized cryptocurrency wallets received support from the commission in the first vote in the European Parliament.
The entire draft will be voted on again today.
This is not the final stage for enactment.
— Bitcoin System (@bitcoinsystem) March 31, 2022