September 27, 2022

Crypto companies urged the European Union to abandon the tightening of regulation

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Several representatives of the crypto industry called on European lawmakers and finance ministers to rethink anti-money laundering rules. CoinDesk writes about this with a link to the letter.

According to the publication, the appeal was signed by scientists, lobbyists and top management of companies such as Ledger, Aave and Blockchain.com. They called the legislative initiatives “burdensome” and “disturbing”.

In July 2021, the European Commission prepared a bill in accordance with the FATF recommendations. The document assumes the integration of the “rule of the road” and prohibits anonymous cryptocurrency transactions.

In March 2022, the Committee on Economic and Monetary Affairs of the European Parliament adopted the MiCA cryptocurrency regulation bill. The final version did not include an amendment to prohibit mining on the Proof-of-Work consensus algorithm.

Recall that in the same month, the European Parliament supported the mandatory verification of users of non-custodial cryptocurrency wallets. The amendments are provided for in the regulations for the exchange of information between counterparties.

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