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EU directs all crypto service providers to report transactions in attempt to trace suspicious activity

The crypto industry has decried the move, stating that it would hamper the privacy rights of crypto holders.

Crypto transfers, including ones from unhosted or self-hosted wallets, will now have to be reported by crypto service providers to relevant authorities after European Union (EU) legislators voted to approve measures to prohibit anonymous transactions, according to a press release. Unhosted wallets refer to private wallets, which do not rely on third parties such as exchanges, as per Decrypt. The proposal was floated in order to expand anti-money laundering (AML) requirements (that apply to fiat payments over €1,000) to the crypto sector. However, the lawmakers did away with the 1,000-euro ceiling for crypto payments because crypto transactions “easily circumvent existing rules based on transaction thresholds”. “Illicit flows in crypto-assets move largely undetected across Europe and the world, which makes them an ideal instrument for ensuring anonymity. With this proposal for a regulation, the EU will close this loophole.” — Ernest Urtasun, co-rapporteur for ECON. Votes in favour of the proposal were cast by over 90 members of the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE). The proposal will now have to be agreed upon by both the European Parliament and the EU Council, in order to become law, CoinDesk said in its report. If these rules come into effect, it would be the first time that crypto-asset transfers will be traced. The move may end up having a significant impact on how the EU handles and records crypto transactions which may also serve as a blueprint for other countries…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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