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EU to revise regulation for crypto transfers

Monday 28 March 2022 14:32 CET | News

The European Parliament is said to vote on an amendment to its AML legislation that regulates unhosted wallets and forces cryptocurrency exchanges to provide details of their customer’s anonymous transactions.

Several amendments to the current EU’s Transfer of Funds Regulation are expected to be voted at the end of March 2022, including a proposal that forces crypto transfers to report to relevant authorities every crypto transfer made from an unhosted wallet over EUR 1,000.

Unhosted wallets refer to digital wallets that are not under the purview of the Financial Action Task Force (FATF) and hold a license as a virtual asset service provider (VASP). The amendments were harshly criticised by various industry figures, as they may lead to a strong surveillance regime on exchanges like Coinbase, and undermine self-hosted wallets that individual customers create to securely protect their digital assets and investments. 

If the bills will be adopted by the EU Parliament, most crypto companies will not be able to transact with unhosted wallets to remain compliant and continue operating in the EU. 

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Keywords: regulation, European Commission, AML, cryptocurrency, cryptocurrency exchange, crypto asset, virtual asset
Categories: DeFi & Crypto & Web3
Companies:
Countries: Europe
This article is part of category

DeFi & Crypto & Web3