European crypto industry steps up efforts to influence EU policy

Over 40 crypto business leaders have asked the European Union no to require crypto firms to disclose transaction details in order to save the rapidly growing decentralized finance platforms.

Article Image
Photo by Christian Lue / Unsplash

Like other countries around the world the European Union is working on regulatory frameworks to tame the crypto sector.

In a letter 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. The FATF sets the standards for combating money laundering.

Last month EU lawmakers voted to back new safeguards for tracing cryptocurrencies. The new rules would require crypto firms to gather and hold information on who is involved in crypto transfers.

The letter asked that the EU excludes decentralized projects, from requirements to register as legal entities. It also said that certain decentralized stablecoins should not be subject to the new regulation.

"There hasn't been strong enough or coordinated efforts across our industry in Europe", Diana Biggs, chief security officer at DeFi Technologies said. Biggs has also organized the letter.


Opinions expressed at Vestorportal.com are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. Vestorportal.com does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is Vestorportal.com an investment advisor. Please note that Vestorportal.com participates in affiliate marketing.

Support us:

BTC-(BTC): bc1qrja84qhn7299lmad79ch7flnca0lyq0alp6pdv

ETH-(ERC20): 0xEC06cbAfF0261e6Da0122Ae579a641B3e2303523