EU lawmakers propose crackdown on anonymous crypto payments
The European Parliament will vote to include wallets such as Ledger or Metamask in the Anti-Money Laundering (AML) package as part of the Money Transfer Regulation (TFR), ending the anonymity of almost all crypto payments.
The EU is cracking down on unhosted wallets
Existing Financial Action Task Force (FATF) travel regulations require companies to review all transactions exceeding 1,000 euros ($1,098). EU national governments have already said they want to remove this floor as the rules are extended to crypto assets - arguing that large transactions could easily be broken down into smaller transactions. However, recent documents suggest that the European Commission could end up banning anonymous transactions with private wallets altogether, without explaining how crypto service providers working with unhosted wallets could implement this.Due to the influence of money laundering authorities, who suspect that cryptocurrencies are being used to finance terrorism and human trafficking, lawmakers seem to be moving towards this decision. However, with no clear way to implement these laws, it could also mean banning wallets like MetaMask and Ledger altogether - an idea previously proposed by EU lawmakers. Even right-wing lawmakers who oppose anonymizing transactions seem to realize that they will lose the vote, as there is strong support for these regulations.
Other countries already have laws in place
Recently, it was already revealed that Coinbase customers in Canada, Japan, and Singapore who send cryptocurrencies to another financial institution or exchange will soon have to provide the recipient's name, address, and, in the case of Japan, the recipient's destination wallet. If passed, the law would impose similar but potentially more stringent measures on European customers of crypto exchanges.The effort to anonymize all cryptocurrency transactions is being led by Ernest Urtasun, a Spanish eco-socialist politician, and Assita Kanko, a Belgian journalist and human rights activist representing the New Flemish Alliance. The Economic Committee will vote on the new law on unhosted wallets on March 29. If approved, the proposal will then be debated in the "trilogue."
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