Ledger, Aave, and Blockchain.com called on the EU to ease the crypto market regulation

In their view, over-regulation hinders the development of Web 3.0 technologies and threatens the privacy of users of digital assets

21.04.2022 - 08:15

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What’s new? A group of crypto companies has signed an appeal to EU finance ministers and lawmakers calling to ease the requirements of the regulation of the cryptocurrency industry, CoinDesk reports. The initiative’s authors include representatives from companies such as Aave, Blockchain.com, and Ledger.

News on the CoinDesk website

What else is known about the proposals from the community? A letter to the EU authorities states that the European Parliament’s proposals to disclose transactions and wallet addresses will risk derailing years of preparatory work and the future of Web 3.0 in Europe, as well as putting the privacy of every cryptocurrency owner at risk.

What had happened before? In mid-March, the Committee on Economic and Monetary Affairs of the European Parliament (ECON) adopted a bill on Markets in Crypto-Assets (MiCA). 45 members of Parliament participated in the vote, with 5 voting against it and 7 abstaining. An amendment to ban the Proof-of-Work algorithm was not included in the document. On March 31, the European Union lawmakers voted to adopt new anti-money laundering (AML) regulations for cryptocurrencies. The users have to be required to identify themselves in order to make transactions over €1000.

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