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The European Union’s upcoming law will require crypto exchanges to track all user transactions, a move that is non-beneficial for global crypto development.
PALO ALTO, Calif., April 9, 2022 /PRNewswire-PRWeb/ — PayBito CEO Raj Chowdhury made a statement criticizing the European Union’s decision to remove the element of anonymity from cryptocurrency transactions, explaining how the law removes a feature instrumental behind crypto’s global success in an unjustified manner.
More than 90 lawmakers in the European parliament voted in favor of removing the anonymity features from cryptocurrency exchanges. Once enforced, failing to comply with the aforementioned law may also lead to an ouster from traditional European financial services, especially for non-regulated crypto exchanges.
The law decrees anti-money laundering(AML) requirements as mandatory for crypto sector payments exceeding 1000 Euros. In addition, each digital asset exchange must monitor and keep track of each crypto transaction within its jurisdiction including the non-hosted or self-hosted wallets.
The Paybito Chief, a noted blockchain pioneer, expressed his views on the potential upcoming European crypto law. …
Full story available on Benzinga.com
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