EUs Upcoming Transfer of Funds and Certain Crypto Assets Regulation Proposal
Will the European Parliament with the latest TFR regulation draft proposal led by Ernest Urtasun and Assita Kanko (voted on this Thursday by the ECON and LIBE committees) with the abolition of privacy establish Orwellian conditions in the EU or in best case cripple the innovation potential of centralized crypto exchanges (CEXs), because as a result they might now focus on taking legal action? At least, in a Dutch case last year, Rotterdam court has already expressed doubts about the practices of its regulators, whereupon the Dutch Central Bank (DNB) has ceased and stopped its regulatory attacks against the crypto industry (specifically against the centralized crypto exchange Bitonic).
About the court case:
https://www.simmons-simmons.com/en/publications/ckoyjjyim1apg0a6003wygiy1/dutch-regulator-changes-crypto-policy-following-court-case
Critique by financial crime experts regarding the upcoming votes:
https://www.pinsentmasons.com/out-law/news/eu-financial-crime-reforms-cryptocurrency
General overview and the inadequate terminology of "unhosted wallets" (normal/self-hosted wallets vs custodians):
https://www.coindesk.com/policy/2022/03/25/eu-lawmakers-to-vote-on-blocking-anonymous-crypto-payments-documents-show/
Picture Source:
https://www.jonesday.com/en/insights/2022/03/2021-antimoney-laundering-and-sanctions-year-in-review
Side note on how MEPs are speeding up Bitcoin's grand test:
https://www.brusselsreport.eu/2021/04/13/the-fate-of-e-gold-as-a-warning-to-cryptocurrencies/
- I hope CEXs will fight back and not leave the EU
- We need to unite with civil society protests against chat control plans
- This will reinforce innovation in cross-chain DEXs, algorithmic stable coins etc.
- CEXs shouldn't be the norm, time for exit
- It'll crack down on DeFi innovation in Europe
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