EU Voted in Favour of Tracking Private Crypto Wallets

Over 90 European lawmakers have voted in favor of outlawing ‘unhosted wallets’ within the European Union. Under the proposal, crypto platforms including exchanges need to obtain, hold, and submit information on those involved in cryptocurrency transfers from such wallets. EU Lawmakers Cracks Down on Non-Custodial Wallets European Parliament Committees, The Economic and Monetary Affairs, and the Committee on Civil Liberties, Justice, and Home Affairs have recently voted on expanding anti-money laundering (AML) requirements in the crypto space. BREAKING: The ECON & LIBE committees of the EU Parliament voted in favor of the FTR compromises D & E that crack down on “unhosted” wallets. Entire regulation draft to be voted on later today, but will certainly go through. Breakdown of the vote & more updates in this thread. — Patrick Hansen (@paddi_hansen) March 31, 2022 Under the proposal, cryptocurrency service providers including exchanges need to collect personally identifiable information from individuals who conduct transactions for more than 1,000 euros using ‘unhosted’ cryptocurrency wallets. Unhosted wallets mainly refer to non-custodial wallets, which do not rely on third parties. Some of the popular non-custodial wallets in the market include MetaMask, WalletConnect, Ledger, and Trezor. Industry Opinion on the Matter Brian Armstrong, CEO of U.S.-based crypto exchange Coinbase, expressed his opinion on the European Union’s rec...