After an EU Parliament committee voted in favor of a regulatory package for tighter Know Your Customer and Anti-Money Laundering rules for ”unhosted” private wallets, leaders in the crypto industry accuse it of choosing “fear over freedom.”
The crypto industry has reacted strongly against a European Union Parliament committee voting in favor of a regulatory package for tighter Know Your Customer and Anti-Money Laundering rules for ”unhosted” private wallets.
The new guidelines would require crypto service providers — most common exchanges — to verify the identity of every individual behind an unhosted wallet that interacts with them, while any transaction greater than 1,000 euros, or $1,100, would need to be reported to authorities.
“Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros. Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before allowing you to send the funds.”8/ This eviscerates all of the EU’s work to be a global leader in privacy law and policy.
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