European Parliament to vote on mandatory verification of crypto wallets’ users

If the amendments are adopted, the regulators will start tracking information about transactions

28.03.2022 - 08:00

401

2 min

What’s new? The European Parliament’s Economic and Monetary Affairs Committee will vote on Thursday, March 31, on amendments to the regulations on the exchange of information between counterparties when making transfers. This was announced by Unstoppable development manager Patrick Hansen.

Source: Twitter.com

What is known about the amendments? The document proposes the disclosure of information about crypto wallets owners, including decentralized non-custodial services.

“Different from the initial proposal that only required to collect personal data from transfers, the new version requires to verify the accuracy of information with respect to parties behind the non-custodial wallets,” Hansen reports.

After a vote by the European Parliament, the document will be reviewed by the European Commission and the EU Council. If the relevant amendments are adopted, decentralized wallets may be outlawed because of non-compliance with the new regulatory requirements.

In mid-March, the Committee on Economic and Monetary Affairs of the European Parliament (ECON) has adopted a bill on the regulation of Markets in Crypto-Assets (MiCA). 45 members of Parliament participated in the vote, with 5 voting against it and 7 abstaining.

Author: