Security News > 2022 > April > EU draft law adds security checks to all crypto transactions
Members of the European Parliament from the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties have agreed on adopting draft legislation for more transparent crypto asset transactions.
The new rules will cover transactions from private-held cryptocurrency wallets without considering transaction thresholds, which erases any limits for anonymous transactions - previous proposal allowed up to €1000 to be transferred without giving any details about the sender and the recipient.
All cryptocurrency transactions will have to be verified against this register to ensure that it's not subject to associated restrictions before the assets are made available to the beneficiaries/recipients.
The burden of reporting the customer transactions to the authorities will be placed on the exchanges, which already had objections even when the €1000 limit appeared to be applicable.
The indiscriminate scrutiny of all transactions without any basis or consideration for illegality is perceived by crypto proponents as a straight-out attack against blockchain-based technologies.
We should have a right to be able to pay and donate online without our financial transactions being recorded in a personalized way.