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EU votes in favor of DeFi-crushing law

Today the European Parliament Committee on Economic and Monetary Affairs (ECON) voted in favor of a proposal that changes the decentralized finance (DeFi) world as we know it.

Crypto Banter by Crypto Banter
March 31, 2022
in Breaking News
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Today the European Parliament Committee on Economic and Monetary Affairs (ECON) voted in favor of a proposal that changes the decentralized finance (DeFi) world as we know it.

Or will it? Depends who you ask.

Europe is mainly there to throw crypto parties tbh

there's like 2 bitcoin there in total dw

— Do Kwon 🌕 (@stablekwon) March 31, 2022

The vote in favor of the proposal, which was “for a regulation of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets”, effectively now means that all non-custodial wallets need to KYC.

The results were: 58 yes | 52 no | 7 abstentions.

Within the proposal voted for is an amendment that states that a “crypto-asset service provider or other obligated entity should obtain and retain the required originator and beneficiary information from their customer, whether originator or beneficiary.”

When it comes to the accuracy of the information, the crypto asset service would be obliged to verify the accuracy of the information in respect to their customer, and it “is not expected to verify the required information with respect to the originator or beneficiary behind the un-hosted wallet”.

It would also require exchanges to notify authorities of all transactions involving an un-hosted wallet if they exceed €1,000.

Brian Armstrong, Coinbase CEO, said it best.

6/ Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros.

— Brian Armstrong (@brian_armstrong) March 30, 2022

Banter’s take

This is definitely a bad day for crypto and DeFi, and could, as a result, cause the retest we have all been expecting.

Don’t panic.

Tags: MARKETS
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