Crypto’s dominance lies in its decentralization, anonymity, and independence, but it seems that the EU Parliament doesn’t care too much.
Another Blow to Crypto
The European Parliament moves to ban all anonymous cryptocurrency transfers and votes to ban all anonymous cryptocurrency transfers.
The results were announced with 58 votes in favor, 52 against and 7 abstentions. This resulted in the approval of amendments to the Fund Transfer Regulation.
According to the changes in question, crypto service providers will be responsible for obtaining the information of the wallets in the wallets, also known as “not their own”, where transactions are made and forwarding this information to the relevant institutions. However, the threat does not end with these wallets, as crypto service providers, especially cryptocurrency exchanges, will also come under the radar of regulators.
Moreover, approval of this bill would defeat the purpose of crypto by providing support for regulators to monitor them on an ongoing basis. Ultimately, the reason people choose these wallets is to provide privacy and protection.
This restriction plan by the European Parliament was revealed last week and received widespread criticism in the industry. Tether CTO Paolo Ardoino called it “a big step back for human rights”.
Besides, it is worth noting that the change will be decided by a final final vote. However, in general, a positive decision is not expected at this stage.
However, things may change during tripartite talks with the European Commission and the Council of Europe. Typically, these negotiations are conducted within the framework of a conciliation committee. The result of the tripartite negotiations is the official decision of the conciliation committee, which cannot be challenged by the EU Parliament. These meetings will take place in April.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.