Over 40 crypto business leaders requested the European Union not require crypto firms to disclose transactions and slow down the regulation of decentralized finance platforms.
- The European Union, like other nations and jurisdictions globally, is working on controlling the freewheeling crypto sector. The EU is leading both the US and Britain in setting rules for the $2.1T sector.
- In a letter, crypto businesses requested policymakers to ensure their regulations did not expand beyond the rules in place by the global Financial Action Task Force (FATF), which prevents money laundering.
- Last month, EU legislators voted to support new safeguards for tracking bitcoin and other cryptocurrencies.
- The rules, opposed by US crypto exchange Coinbase Global Inc, would demand crypto firms to collect and hold information on people conducting digital currency transfers.
The 46 EU crypto industry leaders and organizations stated that the regulatory proposals would place every digital asset owner at risk.
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Source: Reuters
