Crypto Lists has reported on the significant proposed changes in the crypto industry in the European market.

Several players have been affected by recent policies and regulations that expose the anonymous nature of crypto transactions. The European Union has joined several countries and jurisdictions to tame the industry. Proposals on EU crypto regulations have shook the $2.1 trillion industry.

A letter to the EU by crypto business leaders

In an attempt to mitigate against the impact felt across the industry in Europe, more than forty crypto business leaders have urged the European Union to cease the requirement by crypto platforms, exchanges, and brokers to disclose details over their transactions. The business leaders target to ease attempts to suppress these decentralised financial platforms that have been making significant growth.

A letter has been retrieved and showcases the plight of the crypto business leaders to twenty-seven European Union finance ministers. In the letter, they request the finance ministers not to go beyond the rules set in place under the global Financial Action Task Force (FATF). The task force is responsible for reducing exposure and risk to money laundering.

This comes after EU lawmakers voted to make crypto firms accountable for tracing bitcoin and other cryptocurrencies. This was firmly objected to by crypto exchange firms such as Coinbase Global Inc. They were not up for collection and holding information of users who transact cryptocurrencies on their platform. The letter is perceived to be a response to last month’s vote by the EU lawmakers. Forty-six crypto business leaders emphasised in the letter that the proposals would endanger all digital assets owners. Public disclosure of all transaction details and their wallet addresses is a violation of the owners’ privacy and safety.

Rating: 9.17/10
Supply: 34,159,599,616 / 44,999,999,488
Release date: January 15, 2015

Description: Cardano (ADA) make the world work better. See what they do in our in-depth review here at Crypto Lists.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

In addition to the infringement of anonymity of crypto transactions, the EU had introduced a wider framework. Markets in Crypto-assets (MiCA) regulates and confines service providers and issuers of the EU market dealing with digital assets. The EU parliament has recently approved the draft of the MiCA regulation awaiting negotiation with the EU heads of member states and the executive branch. The letter by the crypto business leaders addressed this regulation as well. The letter requests the EU to factor out decentralised projects from the regulatory requirements of registering as a legal entity. This includes decentralised finance(DeFi) which does not wish to register as a legal entity. Furthermore, it highlighted that particular centralised stablecoins should not fall under the MiCA regulation. This comes on the back of Britain stating it will initiate to impose regulations while targeting a global crypto asset hub.

Support on the letter by the crypto industry leaders

CoinShares Chief Executive Officer ( CEO), Jean-Marie Mognetti, organised the letter by the crypto business leaders to the EU finance ministers. He highlighted that Europe provides a more strenuous environment with complex crypto regulations than other parts of the world. In his view, the complex regulations are limiting businesses from adopting the fast-growing industry and effectively limiting businesses growth in the region. He warns that there should be a balance in protecting innovation in Europe. There ought to be more focus on alignment with the FAFT recommendations. Jean-Marie Mognetti was supported by the chief security officer at DeFi Technologies, Diana Biggs. She was also part of the team that organised the letter to the EU finance ministers. She stated her ambitions to escalate the influence of the European crypto industry to an extent that it affects policymaking in Brussels. She lamented the lack of strong and coordinated efforts across the European industry.

What next for the European Crypto Industry?

Anonymity is a significant selling point in the crypto world. These include crypto wallets for creators of NFTs. The decentralised nature of the crypto industry with its anonymity has left it exposed to criminal activities. Additionally, crypto exchanges lack transparency with a lack of legitimacy. It is the reason behind the campaign to regulate the industry globally. CEO of Wirex, Pavel Matveev, believes it would ensure better business practices and customer experience. He requests that the lawmakers team up with the crypto industry leaders to create the best outcome for all stakeholders.

Other members, such as Michael Kamerman, CEO of the Scandinavian crypto broker Skilling, disagree with the regulations. He agrees with the crypto business leaders that there will be a breach of privacy and safety if the proposals are implemented.

Crypto Lists Ltd issues continuous updates on the resolve of the crypto industry leaders against the EU proposals.

Get Skilling

Rating: 9.56/10
Number of instruments: 872+ instruments

Description: Have you seen the low spread and user friendly interface of Skilling? If not, check it out with a free demo account now!

Risk warning: 80% of retail investor accounts lose money.

by Our Certified Author
Cardano (ADA) Newsflash
    Is Cardano set for a 'monster' bull run? EU lawmaker says soIs Cardano set for a 'monster' bull run? EU lawmaker says so
    Friday, 28 Oct 2022 3:16 pm
    A member of the European Parliament, Stefan Berger, has heaped praise on the Cardano Network after a meeting with its CEO. He believes that its native coin, ADA could be set for an enormous upsurge in price, calling it a "rocket in the cryptocurrency industry" due to the advances of its blockchain's recent Vasil hard fork upgrade. Want to get involved with the 8th biggest crypto? Sign up for MEXC Global here...
    Read the full newsflash

    Huge 75% increase in transactions on the Cardano blockchainHuge 75% increase in transactions on the Cardano blockchain
    Wednesday, 19 Oct 2022 3:39 pm
    In fantastic news to hear during a bearish market, research has found transactions on the network have increased by over 75% since the beginnning of the month. now ranks among the top three NFT chains, trailing only Ethereum and Solana. You can read our in-depth review on Cardano's native coin ADA and make a small investment at Coinbase here!...
    Read the full newsflash

    Cardano founder announces major plans for ADA coin and moreCardano founder announces major plans for ADA coin and more
    Saturday, 15 Oct 2022 11:01 am
    Charles Hoskinson said on Friday that he envisions ADA and other digital assets "in general to become the financial operating systems of the world" in what is sure to be good news to crypto enthusiasts worldwide. Saying digital currencies supplied by central banks were a bad idea, he noted cryptos offer a route to true financial freedom. With the recent Vasil Hard Fork, the Cardano blockchain's native coin has improved in various functionalities. Read our in-depth review on ADA today...
    Read the full newsflash

    Cardano blockchain Vasil Hard fork update Likely in SeptCardano blockchain Vasil Hard fork update Likely in Sept
    Tuesday, 3 May 2022 5:12 pm
    The price of Cardano (ADA) has been declining with the delay of the implementation of the Vasil hard fork update. This hard fork is set to go live on June 29th, 2022, but it may still take a few months or weeks for the updates on the dApps to be fully implemented. Experts believe that these Cardano blockchain updates will be fully implemented by September 2022. Do you still don't own any Cardano? Try to trade Cardano with Skilling!...
    Read the full newsflash

New crypto casinos
Recent crypto sites
Recent crypto coins
Copyright © 2019-2022, by Crypto Lists Ltd ( Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top