European Parliament Strikes Ahead on Anti-Anonymity Guidelines

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. 

 

The knowledge on or accessible by means of this Web site is obtained from unbiased sources that we imagine to be correct and reliable, however Decentralized Media, Inc. makes no representation or warranty as to the topicality, completeness or accuracy of the data on or accessible through this website. Decentralized Media, Inc. will not be a financing advisor. We do not give a personalized financing recommendation or a different monetary recommendation. The knowledge on this website is likely to vary without discovery. Some or all of the data on this website may be outdated, incomplete or inaccurate. We could, however, should not be obliged to replace outdated, incomplete or inaccurate data.

Under no circumstances should you make a financing resolution on an ICO, an IEO or a different financing based mainly on the knowledge of this website, and it is better not to interpret or in any other case depend on the knowledge of this website as a financing recommendation. We strongly recommend that you simply seek the advice of a licensed financing advisor or other certified monetary expert if you are looking for a financing recommendation on an ICO, an IEO or a different financing. We do not settle for any compensation for the analysis or reporting of any ICO, IEO, cryptocurrency, foreign currency, tokenized gross sales, securities or commodities.

See complete sentences and situations.

 

Specific to NFTs: Your access ramp to the world of NFTs

At Tatum, we have already made it very simple to create your individual NFTs on a number of blockchains without having to study the solidity or create your good individual contracts. Anyone can deploy…

 

The European Parliament could vote to ban Anonymity in Crypto

Members of the European Parliament are reportedly planning a vote next week that, if profitable, could ban the anonymity of crypto funds, as well as crypto transactions to non-hosted wallets. Critics additionally recommend the EU…

 

EU to vote on new Buyer verification guidelines

Crypto customers are going through another regulatory hurdle within the EU, this time as part of strict buyer verification requirements, which are expected to be voted on this week. Know…

 

European Parliament Votes against the ban on Proof of Work

The European Parliament’s Finance and Financial Affairs Committee has voted against a regulatory provision that could have led to a ban on mining with proof of work. This provision was part of the…

Sharing is caring!

Leave a Reply

Your email address will not be published.