L’European Union has just approved a series of regulations aimed at limiting the use of cryptovalute by criminals and thugs, but many experts in the sector have already started to protest, given that the new laws would not be functional for this purpose, but rather risk seriously limiting the entire crypto market. Let’s try to understand why.
European Union: the new laws on cryptocurrencies
The new laws were promulgated by the ECON & LIBE commission, which voted in favor of a series of rules which, if approved, should make the use of so-called wallet unhosted, more simply the private individuals, who operate to and from Europe. According to the new law, it will now be necessary to verify the identity of the wallet that receives money with a procedure yet to be defined.
In practice, experts have complained that this new way of managing transactions will weigh heavily on small players in the crypto market, who will have to effectively ban all external wallets, simply due to the impossibility of taking on the new bureaucratic burden. provided by the European Commission.
However, it appears that the Sword of Damocles has not yet descended on the sector, as this set of laws is still a long way from its final approval. It is therefore realistic to imagine, even in the face of the rumors that are being made about the issue in these hours, that some of the more restrictive rules are being overturned and that the entire text is in fact softened.