Coinbase calls on the public to oppose the EU’s amendments to the 'Transfer of Funds Regulation'
Crypto exchange giant Coinbase is calling on the public to raise their voices against the European Union’s amendment to the “Transfer of Funds Regulation,” calling it a “bad law.”
Coinbase wants public involvement
Paul Grewal, the Chief Legal Officer of Coinbase, has written a blog on March 28, that calls on the public to oppose the EU’s revision for funds transfer regulation that if passed, would unleash an entire surveillance regime on exchanges by forcing them to collect, verify, and report information on non-customers with the help of self-hosted wallets.The exchange outlined three major “bad facts,” in the amendments:
- Digital assets like Bitcoin and Ethereum are a primary way criminal hide and move money (researches show that the most popular way to hide illicit financial activity remains cash)
- Law enforcement does not have any means to track these movements (is possible with advanced analytics tools)
- Collecting and verifying personal information associated with self-hosted is not a privacy violation
The exchange stated:
“If you care about protecting the privacy of individuals, and focusing the law on solutions that actually address legitimate concerns about the illicit use of digital assets, now is the time to speak up and be heard.”
Bad or good?
The European Union recently proposed an amendment in the Market in Crypto-Assets or MiCA framework which was eventually rejected by parliament after a vote in opposition. The upcoming “Transfer of Funds Regulation” is also called highly crucial in terms of investors’ privacy violations. Coinbase mentioned a few provisions that are “bad laws.”“For instance, one provision requires exchanges to not only collect personal data about wallet users who are not their customers, but to also verify the data’s accuracy before allowing a transfer to one of their customers.”It went on to give another example of “dangerous provision” that would require exchanges to inform “competent authorities” of every single transfer from a non-customer’s self-hosted wallet with equal to or more than 1,000 EUR.
It would be interesting to see how Parliamentarians react to the amendment and where the law heads to.
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