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EU Parliament Votes to Impose KYC on Private Crypto Wallets
European Union lawmakers have voted to crack down on so-called unhosted cryptocurrency wallets
The EU Parliament has voted today to impose new regulatory measures that would essentially prohibit anonymous cryptocurrency transactions. The vote was first reported by CoinDesk, and soon after confirmed to Decrypt by Valeria Cusseddu, advisor to the Committee on Economic and Monetary Affairs.
The ECON and LIBE committees voted to approve a proposal that would require cryptocurrency service providers, such as exchanges, to collect personally identifiable information from individuals who transact more than 1,000 euros using so-called unhosted cryptocurrency wallets.
Though votes on several amendments were tight, the final draft was overwhelmingly approved.
In order for the legislation to be officially adopted, it must first go through tripartite meetings between the EU Parliament, European Commission, and European Council. Nonetheless, that process is not expected to derail the legislation.
Unhosted wallets refer to non-custodial wallets, which do not rely on third parties. Examples of non-custodial wallets include MetaMask, WalletConnect, or hardware wallets like Ledger and Trezor. Read more via Decrypt
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