Slashdot: EU Lawmakers Set To Tighten Up on Crypto Transfers

EU Lawmakers Set To Tighten Up on Crypto Transfers
Published on April 01, 2022 at 03:20AM
European Union lawmakers were set on Thursday to back tougher safeguards for transfers of bitcoin and other cryptocurrencies, in the latest sign that regulators are tightening up on the freewheeling sector. From a report: Two committees in the European Parliament have thrashed out cross-party compromises to be voted on. Crypto exchange Coinbase has warned the rules would usher in a surveillance regime that stifles innovation. The $2.1 trillion crypto sector is still subject to patchy regulation across the world. Concerns that bitcoin and its peers could upset financial stability and be used for crime have accelerated work by policymakers to bring the sector to heel. Under the proposal first put forward last year by the EU's executive European Commission, crypto firms such as exchanges would have to obtain, hold, and submit information on those involved in transfers. That would make is easier to identify and report suspicious transactions, freeze digital assets, and discourage high-risk transactions, said Ernest Urtasun, a Spanish Green Party lawmaker helping to steer the measure through the parliament. The Commission had proposed applying the rule to transfers worth 1,000 euros ($1,116) or more, but under the cross-party agreement this 'de minimis' rule has been scrapped -- meaning all transfers would be in scope.

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