The European Union’s parliament, commission, and council will begin debating controversial anti-money laundering rules for crypto transactions on Thursday, the final step before the proposals become law, which critics fear will destroy privacy and hamper innovation. Many in the industry question whether strict new rules are needed to combat a wave of criminal activity. Still, more pragmatic voices are looking at the legislative details that could prove crucial, such as how the law will treat small payments and unhosted wallets and when the new law will take effect. The proposed legislation would oblige crypto providers to verify user information and report questionable transactions to authorities. Still, the sector has expressed concern that it would be challenging to implement and effectively abolish digital privacy. The proposed legislation would oblige crypto providers to verify user information and report questionable transactions to authorities. Still, the sector has expressed concern that it would be challenging to implement and effectively abolish digital privacy. European Parliament Legislators A last-minute complaint spearheaded by Coinbase (COIN) and similar companies mostly went unheeded. On March 31, European Parliament legislators decided to apply stringent money-laundering restrictions to the sector, stating that the rules were necessary to reduce crime. The focus shifts to the law’s ultimate shape, where negotia...
PEPE 60% Below ATH; Time For PEPETO?
