The European Parliament Tightens the Rules on the Verification of DeFi Wallets

The European Parliament supported amendments to the regulation on the exchange of information between counterparties, which involve the collection of data on users of non-custodial cryptocurrency wallets.

According to Unstoppable Finance development manager Patrick Hansen, the European Parliament committees ECON and LIBE voted in favor of compromise solutions that limit “non-hosted” wallets, and the full bill will be put to a vote later.

Earlier, the specialist explained that the measure is aimed at implementing the FATF “road rule”. After the adoption of the amendments, cryptocurrency exchanges and other platforms will be required to verify users of non-custodial wallets when conducting transactions with them. At the same time, the de minimis principle does not apply to such transfers, so we are talking about the collection of information in the framework of any transactions, regardless of their volume.

According to Hansen, after the vote on March 31, the proposal will be submitted to the plenary meeting in April. If no one disputes the draft, a “trilogue” process will begin between the European Parliament, the European Commission and the Council of the EU.

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