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The crypto business in Europe stepping up its attempts to influence EU policy

More than 40 crypto industry leaders have petitioned the European Union to refrain from requiring crypto firms to publish transaction information and to scale back efforts to rein in fast expanding decentralised finance platforms.

 

The European Union, like other countries and territories throughout the world, is attempting to control the rogue cryptocurrency market. In drafting a set of rules for the $2.1 trillion sector, the EU is ahead of the US and the UK.

 

Crypto firms requested policymakers in a letter seen by Reuters written to 27 EU financial ministers on April 13 not to go beyond restrictions currently in place under the worldwide Financial Action Task Force, which sets standards for combatting money laundering.

 

Last month, EU lawmakers approved stricter measures for tracing bitcoin and other cryptocurrencies.

 

The guidelines, which are opposed by Coinbase Global Inc, would require crypto companies to collect and store information on who is participating in digital currency transfers.

 

In response to the vote last month, 46 European crypto industry leaders and organisations wrote a statement claiming that the plans “would put every digital asset owner at danger” by requiring public disclosure of transaction information.

 

In response to the decision last month, 46 European crypto industry leaders and organisations wrote a statement claiming that the plans ‘would put every digital asset owner at risk’ by exposing transaction information and wallet addresses to the public. According to the letter’s organisers, this would compromise crypto holders’ privacy and security.

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