Share this article
EU Crypto Firms Protest ‘Alarming’ Anti-Money Laundering Laws
The companies are joining forces to try to limit the impact of new proposals to identify crypto users and regulate stablecoins.
Updated May 11, 2023, 4:28 p.m. Published Apr 19, 2022, 5:06 p.m.
Make us preferred on Google
The crypto sector has written to European Union finance ministers and lawmakers to urge a rethinking of anti-money laundering rules the industry regards as "burdensome" and "alarming."
The letter, seen by CoinDesk and signed by academics, lobby groups and senior executives from companies such as Ledger, Aave and Blockchain.com, says current proposals to identify crypto users, known as the travel rule, endanger privacy and innovation in the EU.
STORY CONTINUES BELOW
“The proposals from the European Parliament, by leading to the public disclosure of all transactions and digital asset wallet addresses, will put every digital asset owner at risk” and “risk derailing years of preparatory work and the future of Web 3” in Europe, said the letter, dated April 13.
The laws were first proposed by the European Commission in July 2021 to implement standards set by global regulator the Financial Action Task Force (FATF), which noted in a report that many jurisdictions still haven't applied. But lawmakers and governments have since added extra constraints, removing a threshold of 1,000 euros ($1,080) under which transaction participants wouldn’t need to be named.
With respect to a separate law known as the Markets in Crypto Assets Regulation (MiCA), the letter also calls for lawmakers and governments to exempt decentralized organizations and algorithmic stablecoins from regulatory obligations, and to return to FATF’s original plans for the travel rule.
The draft anti-money laundering laws were passed by lawmakers in a March 31 vote, after regulators warned that even small crypto payments could be used to fund crimes such as terrorism and child pornography. But governments must agree on the final text before it passes into law.
Read more: EU Parliament Passes Privacy-Busting Crypto Rules Despite Industry Criticism
UPDATE (April 22, 2022, 15:30 UTC): Adds link to letter.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
