The European Parliament backed amendments to the regulation on information exchange between counterparties, which envisage the collection of data on users of non-custodial cryptocurrency wallets. This was announced by Patrick Hansen, head of growth at Unstoppable Finance.
BREAKING: The ECON & LIBE committees of the EU Parliament voted in favor of the FTR compromises D & E that crack down on “unhosted” wallets.
Entire regulation draft to be voted on later today, but will certainly go through.
Breakdown of the vote & more updates in this thread.
— Patrick Hansen (@paddi_hansen) March 31, 2022
«The European Parliament’s ECON and LIBE committees voted in favour of compromise solutions […], which restrict “unhosted” wallets. The full bill will be put to a vote later, but it will certainly be adopted», — Hansen wrote.
Earlier, an expert explained that the measure is aimed at implementing the FATF’s “travel rule.” The latter obliges providers of digital asset services such as exchanges and custodial services to share information about their customers when transferring transactions.
The amendments will require cryptocurrency exchanges and other platforms to verify users of non-custodial wallets when conducting transactions with them. The de minimis principle does not apply to such transfers, so data collection is required for any operation, regardless of its size.
According to Hansen, after the March 31 vote the proposal will be taken up by the plenary in April. If no one objects, the trilogue between the European Parliament, the European Commission and the Council of the EU will begin.
6/ The trilogue usually takes a couple of months & offers the last chance to introduce changes.
Individual voices from the council & commission make me optimistic that we can still achieve changes.
But the situation is undoubtedly more difficult than with the POW-ban.
— Patrick Hansen (@paddi_hansen) March 31, 2022
«The trilogue usually lasts a couple of months and offers a chance to amend the document. Individual voices from the Council and the Commission give me optimism that we can still achieve changes. But the situation is undoubtedly more difficult than with the PoW mining ban», — he wrote.
In March, ECON, by a majority, adopted the cryptocurrency regulation bill. The final version did not include an amendment to ban mining on the Proof-of-Work consensus algorithm.
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