The Crypto Community is Against EU’s Transparency Regulations

crypto community

April 1, 2022

Reading Time: 2 minutes

How relentless the crypto community is when it wants something is not strange. The community has come together once again to stand against EU lawmakers who are proposing a transparency regulation for the crypto industry.

Lawmakers Want Anonymity Removed on Crypto Transfers

The lawmakers want to influence a key committee on the Economic and Monetary Affairs vote that will take place on Thursday, 31 March. The government officials want a law to be passed making it mandatory to submit information on the transfer of cryptocurrency.

One of the crypto advocates includes Robert Kopitsch, the secretary-general of Brussels-based lobby group Blockchain for Europe. Anonymity is one of the paramount advantages of crypto transfers. However, the vote threatens to remove this anonymity. The law will require verification of transfers to private or “unhosted” wallets. With this insight, the rule also aims to prohibit transfers between the EU and tax havens.

The public first saw the proposal in July 2021 when the European Commission introduced it as part of a wider legislative package on the war against money laundering and terror financing. The law wishes to impose the regulation on fiat transfer on virtual assets.

Now for this law to work on crypto, crypto exchanges would be obligated to provide their clients’ information. The Crypto-asset Service Providers would keep records of the customers’ names, addresses, dates of birth, and account numbers. The same information will be collected on the intended recipient of every transfer.

Crypto Advocate Calls for the Community to Express the Absurdity of the Proposal

The proposal of course attracted an outburst from the crypto community. Kopitsch called on everyone to write to their representatives and bombard them with tweets and social media. The strong message the community needed to pass was what the EU lawmakers were suggesting was super wrong.

Kopitsch continued that while regulation is needed in the crypto industry, the one the EU Commission was proposing was too heavy-handed. According to the crypto advocate, lawmakers think is that crypto is all about money laundering, child pornography, and terror financing.

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