Published: 21.04.2022
Article reading time:
2 minutes.
The international Web3 community and several dozen crypto companies have signed an open letter to EU regulators calling for “smart regulation” for the industry.
Forty crypto companies have signed an open letter addressed to the European Parliament, the European Commission and other EU government agencies calling for sound regulation to create an enabling environment for innovation.
The letter was signed by the international Web3 community, Ledger CEO Pascal Gauthier, Jean-Baptiste Grafiteau of Bitstamp, Diana Biggs of DeFi Technologies, and others.
Industry participants are concerned about recent initiatives by regulators. The letter says the EU’s proposed laws threaten people’s privacy, as well as digital innovation, growth and job creation in Europe. Proposals by some EU legislators, such as requiring the disclosure of crypto wallet data, could seriously slow down the development of Web3 in Europe.
Recall that the European Parliament plans to extend anti-money laundering (AML) rules to all transactions with digital currencies, as well as limit or prohibit cryptocurrency transfers from the EU to places considered a tax haven.
Participants who turned to EU regulators also urged not to exceed the recommendations of the Financial Action Task Force on Money Laundering (FATF) for crypto-asset service providers on record keeping and verification. In addition, the signatories ask for the freedom from registration of legal entities to decentralized protocols and organizations.
Earlier, three European supervisory authorities EIOPA, ESMA and EBA issued an announcement warning Europeans about the risks associated with investing in digital assets.
Source: Bits
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