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EU adopted the harshest and silliest crypto regulation law ever

Once implemented it will kill the European fintech once and for all

31.Mar.22 6:56 PM
By Abigail Richards


EU adopted the harshest and silliest crypto regulation law ever
The European Union seems to be making more and more efforts to subject the crypto industry to clear regulations once and for all - and cut off Europeans of innovation, wealth and the future in general. This worries a lot of crypto investors. Some proposals from the EU go very far and can do considerable damage to the crypto industry.

The European ECON Commission has just adopted the passage containing the potentially problematic proposals for crypto.  It is likely that this will also be passed. It is striking that the margins when voting are particularly small. 58 voted for and 52 against. Unfortunately, it was adopted.

Especially the sending of cryptocurrencies to anonymous wallets can have serious consequences. According to Brian Armstrong, CEO of Coinbase, the consequences could even be disastrous. Coinbase's Chief Legal Officer, Paul Grewal, also spoke negatively about the possible new law in the EU.

"This revision would unleash an entire surveillance regime on exchanges like Coinbase, stifle innovation and undermine the self-hosted wallets that individuals use to securely protect their digital assets.

A few days ago, Coinbase was required by regulators in three countries to introduce stricter rules regarding crypto shipments. In Canada, Japan and Singapore, from april 1, users will be required to provide information about the recipient of crypto shipments.

Of course, it comes as no surprise that these new rules have fallen into the wrong throathole with investors around the world. The anonymity, which many crypto users attach great importance to, is naturally crumbled in this way. Similar rules may soon apply in the EU.

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