{"id":702,"date":"2022-04-06T16:01:15","date_gmt":"2022-04-06T16:01:15","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=702"},"modified":"2022-04-06T16:01:17","modified_gmt":"2022-04-06T16:01:17","slug":"new-eu-regulations-is-it-the-beginning-of-the-end-of-private-crypto-transactions","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/new-eu-regulations-is-it-the-beginning-of-the-end-of-private-crypto-transactions\/","title":{"rendered":"New EU regulations: Is it the beginning of the end of private crypto transactions?"},"content":{"rendered":"\n

tl;dr Summary: <\/strong>On Mar 31, 2022, the European Union (EU) parliament voted in favor of tougher regulatory measures on crypto transactions. The move, which is part of a bigger fight against money laundering and financial crime, is seen by the industry as anti-innovation and anti-privacy.<\/em><\/p>\n\n\n\n

The draft regulation included three elements meant to bring uniformity in regulating crypto-assets within the EU: <\/p>\n\n\n\n

  1. Having a uniform legal framework for crypto-assets.<\/li>
  2. Protecting consumers and safeguarding against market manipulation and crime.<\/li>
  3. Including crypto-assets mining within the EU taxonomy for sustainable activities.<\/li><\/ol>\n\n\n\n

    The first two elements were passed making them part of the latest version of the proposed regulation. The third, which sought a ban on \u201cproof of work\u201d did not pass and is out of the proposed regulation.<\/p>\n\n\n\n

    These measures would prohibit anonymous crypto transactions by forcing service providers like exchanges to collect information from individuals about their transactions with self-custody or private wallets.<\/p>\n\n\n\n

    According to Euronews.com<\/a>, \u201cThe $2.1 trillion (\u20ac1.9 trillion) crypto sector is still subject to patchy regulation across the world. But concerns that Bitcoin and its peers could upset financial stability<\/strong> and be used for criminal purposes have accelerated work by policymakers to bring the sector to heel.<\/strong>\u201d<\/p>\n\n\n\n

    The crypto industry\u2019s reaction says it all. Brian Armstrong (co-founder and CEO of Coinbase) said that this proposal is anti-innovation, anti-privacy, and anti-law enforcement. He also called on the industry to reach out to the EU members.<\/p>\n\n\n\n

    In his tweet, Brian said that this regulation treats crypto and people holding them differently from fiat since it intends to remove the \u20ac1000 threshold available for fiat.<\/p>\n\n\n\n

    \n

    1\/ On 31 March, the EU Parliament will vote on its proposal for a new crypto surveillance regime. The proposal is anti-innovation, anti-privacy, and anti-law enforcement. Make your voice heard and contact your member here: https:\/\/t.co\/b3Ll3xXiW4<\/a><\/p>— Brian Armstrong – barmstrong.eth (@brian_armstrong) March 30, 2022<\/a><\/blockquote>