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EU Parliament Votes to Impose KYC on Private Cryptocurrency Wallets: Reports

March 31, 2022
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EU Parliament Votes to Impose KYC on Private Cryptocurrency Wallets: Reports
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The EU Parliament has voted right now to impose new regulatory measures that will primarily prohibit nameless cryptocurrency transactions. The information was first reported right now by Coindesk.

The ECON and LIBE committees voted to approve a proposal that will require cryptocurrency service suppliers, similar to exchanges, to gather personally identifiable data from people who transact greater than 1,000 euros utilizing so-called unhosted cryptocurrency wallets. The committees haven’t but formally revealed the vote.

Unhosted wallets are these which don’t depend on third events, additionally generally known as non-custodial wallets. Examples of a non-custodial pockets embody MetaMask, WalletConnect, or {hardware} wallets like Ledger and Trezor.

The vote follows debate amongst policymakers and the crypto trade over whether or not unhosted wallets needs to be topic to know-your-customer (KYC) necessities that will compel corporations to supply private details about pockets customers.

This story is growing and can be up to date.

 

Source: Decrypt

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