Key facts:
All bitcoin transactions, even from self-custody wallets, will be monitored.
The tripartite dialogue is expected to question the norms approved by several parliamentarians.
Cryptocurrency exchanges and other service providers operating in Europe will be required to record financial information and keep the personal data of those who carry out bitcoin transactions through them. This is because the legislators of the European Union approved stricter controls on the use of crypto assets.
As CriptoNoticias had reported before, parliamentarians were expected to vote to approve or not a package of measures that would require cryptocurrency service providers to collect and share data from their users in a stricter way than it had been applied, until now. .
In the voting process that took place today, European lawmakers agreed to approve the package of laws. In such a way that soon the eurozone could require that the identity data of the users be registered in each payment made with cryptocurrencies. This, regardless of the amount of the transaction and the type of platform used.
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It means that Users who carry out transactions through decentralized platforms will also be identified. and those that use self-custody wallets to send or receive payments with bitcoin or any other cryptocurrency.
It is estimated that the amendment of the regulations aimed at preventing money laundering and the financing of terrorism will have a great impact on the European bitcoin and cryptocurrency industry.
Less privacy for bitcoin users in Europe
“These measures are a recipe for disaster,” said on Twitter Patrick Hansen, from the blockchain firm Unstoppable DeFi, who closely follows the regulation that the European Parliament has been making in the environment of crypto assets.
“Unfortunately, the committees of the European Parliament have voted in favor of the Transfer Funds Regulation (TFR) stifling privacy and self-custody wallets,” added Hansen, who is a staunch opponent of such measures.
He believes that there is still a chance that changes occur before the regulations reach the plenary session of Parliamentbut these will most likely be approved, at the end of this day, as they are now.
After today’s vote, the proposal will be announced in plenary, probably sometime next April, but if nobody questions it, it will finally be approved during the tripartite dialogue. This stage usually lasts two months and offers the last opportunity to introduce changes.
Hansen hopes that the individual voices of the council and the tripartite commission of the Parliament can make the questions that prevent the changes approved today by parliamentarians from advancing. “But the situation is undoubtedly difficult,” he added.
Cryptocurrency exchange Coinbase had warned before the vote that the rules would usher in a surveillance regime that stifles innovation.