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EU Crypto Rules Shouldn’t Compromise Privacy, DeFi Advocates Say

May 25, 2022, 8:45 AM

EU lawmakers should proceed carefully with setting new rules on crypto transactions to avoid negative effects on a new generation of services, decentralized-finance advocates warn.

In particular, new rules shouldn’t compromise the anonymity or pseudonymity of the so-called unhosted or non-custodial wallets used to access decentralized finance (DeFi) applications by requiring identity information to accompany all transactions, industry groups say.

Citing the dangers of tax evasion, EU lawmakers have proposed extending the bloc’s Transfer of Funds Regulation ((EU) 2015/847) to crypto transactions, which would mandate the disclosure of payer and payee identity. But the crypto groups say doing ...