More than 40 crypto business leaders have asked the European Union not to require crypto firms to disclose transaction details and dial down attempts to bring to heel rapidly growing decentralised finance platforms.
The
European Union, like countries and jurisdictions across the globe, is
working to tame the freewheeling crypto sector. The EU is ahead of the
United States and Britain in developing a set of rules for the $2.1
trillion sector.
In
a letter seen by Reuters sent to 27 EU finance ministers on April 13,
crypto businesses asked policymakers to ensure their regulations did not
go beyond rules already in place under the global Financial Action Task
Force (FATF), which set standards for combating money laundering.
EU lawmakers last month voted to back new safeguards for tracing bitcoin and other cryptocurrencies.
The rules, opposed by major U.S. exchange Coinbase Global Inc (COIN.O), would require crypto firms to gather and hold information on who is involved in digital currency transfers. read more
In
response to last month's vote, 46 European crypto industry leaders and
organisations said in their letter that the proposals "will put every
digital asset owner at risk" by leading to public disclosure of
transaction details and wallet addresses. This would reduce crypto
holders' privacy and safety, the letter's organisers said.
The
EU is also introducing a wider framework, known as MiCA, to regulate
all issuers and service providers in the EU dealing with crypto assets.
The European Parliament recently approved its draft of the regulation,
which will be negotiated with the EU's executive branch and heads of
member states....
more at Reuters
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