European Parliament committees have voted in favor of tough new laws surrounding non-hosted crypto wallets. The entire first vote is pending, although it is more likely that it will take place.
European Anti-Anonymity legal directives
Cryptocurrency privacy advocates in Europe immediately suffer a setback, as the European Parliament has superior anti-anonymity guidelines for the cryptocurrency chamber.
The Committee on Finance and Financial Affairs, in addition to the committee on Civil Liberties, Justice and House Affairs of the European Parliament, the legislative body of the European Union, voted in favor of regulating cryptography in a proposal to combat money laundering and the transfer of crypto assets.
In narrow votes, the committee members voted in favor of particular compromises and guidelines (in a comprehensive draft proposal) that could lead to unfavorable sanctions for crypto companies and customers from the European Union. The next step is to vote on the entire project, and this could happen immediately. If this passes—because it is possible—the project will enter into trilogue negotiations, which may mean a chance for the proposed laws to be challenged and adjusted.
There are many reasons why the proposed laws are considered problematic. One of the consequences is that transactions between non-hosted wallets and cryptocurrency exchanges would turn out to be much more troublesome and expensive, which Coinbase CEO Brian Armstrong warned about.
Just recently, the European Union rejected laws that could prohibit the extraction of evidence of work.
Disclosure: At the time of writing, the author of this article owned BTC, ETH and a number of other different cryptocurrencies.
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