We appear to be reaching an end stage in negotiations between the European Parliament and the Council of the European Union on a plan to extend the EU’s financial-surveillance regime over the cryptocurrency industry. Alas, lawmakers were in such a rush that they appear not to have noticed that the hastily crafted legislative package violates fundamental tenets of the EU’s founding treaties.
Prominent within the package are new anti-money laundering and terrorism-financing rules for the crypto space.
Mikołaj Barczentewicz is a senior scholar with the International Center for Law & Economics. This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full newsletter here.
Most notably, the EU would extend the so-called “Travel rule,” which currently applies to wire transfers managed by global banks, to require crypto-asset service providers to collect and report data about the...
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