{"id":225139,"date":"2022-03-29T20:30:04","date_gmt":"2022-03-29T15:00:04","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=225139"},"modified":"2022-03-29T19:43:05","modified_gmt":"2022-03-29T14:13:05","slug":"assessing-eus-proposed-clampdown-on-crypto-trading-among-non-custodial-wallets","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/assessing-eus-proposed-clampdown-on-crypto-trading-among-non-custodial-wallets\/","title":{"rendered":"Assessing EU’s proposed clampdown on crypto trading among non-custodial wallets"},"content":{"rendered":"

The Committee on Economic and Monetary Affairs of the European Parliament is set to hold a session on 31 March, 2022. It is heading to put regulatory<\/a> clauses on crypto trade with non-custodial wallets. This prohibition would be an initiative aimed at curbing money laundering.<\/p>\n

An excerpt from the proposal read as follows:<\/p>\n

\u201cThe EU Commission\u2019s AML package includes a revision of the Transfer of Funds Regulation (TFR) that will extend the obligation of financial institutions to accompany transfers of funds with information on the payer and payee to crypto assets.\u201d<\/p><\/blockquote>\n

Who is heading the initiative?<\/h3>\n

Ernest Urtasun and Assita Kano are heading the project and looking to get the votes ahead of the polling. The initiative would be a direct attack on the privacy of crypto trading. This regulation would put more self-custody portfolios at risk and go against the idea of such wallets.<\/p>\n

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1\/ I hate to ring the alarm bell again, but the EU Parliament leaves us no choice \ud83d\udea8\ud83d\udea8<\/p>\n

This time it concerns a crackdown on unhosted wallets in the upcoming crypto AML regulation (TFR).<\/p>\n

The ECON committee vote is on Thursday and the draft includes some absolute red flags \ud83d\udc47<\/p>\n

— Patrick Hansen (@paddi_hansen) March 26, 2022<\/a><\/p><\/blockquote>\n