EU lawmakers urged not to overplay crypto regulation

A group of 40 crypto leaders and experts have appealed to the European Union (EU) to allow the sector to preserve what they consider is one of its fundamental features.

The 40 crypto business leaders have said they should not be obliged by law to disclose transaction details and cautioned that this would have a negative effect on the development of the sector.

The EU wants to create a framework that would regulate cryptocurrencies, bringing some form of control and uniformity of the $2.1 trillion digital asset sector.

In a letter addressed to EU finance ministers in all 27 member states, the businesspeople asked the union to tread lightly and not to over-regulate.

The letter – as reported by Reuters – suggested the EU allow the Financial Action Task Force (FATF) to manage regulation of the sector and that no new mandates beyond that framework be imposed.

The EU has been anxious to regulate cryptocurrencies to avoid sanction-dodging by Russian officials who were hit with some of the severest financial penalties in modern history due to the country’s invasion of neighboring Ukraine.

One idea is to create a mechanism that will enable the EU to track individual cryptocurrency payments. Experts fear this could be detrimental to the industry and have an impact on security since most people who want to hide money and launder it will do so through the mainstream banking system.

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Source

Updated: 04/20/2022 — 10:00