EU Parliament votes to introduce KYC on private crypto wallets

The European Parliament has voted to introduce new regulatory measures that would essentially restrict cryptocurrency transactions by anonymous accounts.

According to Decrypt, the ECON and LIBE committees voted to approve a proposal that would require cryptocurrency service providers to collect personally identifiable information from individuals who transact more than €1,000 using unhosted cryptocurrency wallets.

Unhosted wallets refer to non-custodial wallets that do not rely on third parties.

While votes on a range of amendments were tight, the final draft of the bill was approved by large numbers. For the legislation to be officially adopted, it must go through tripartite meetings between the EU Parliament, the European Commission and the European Council.

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