EU Parliament Votes to Impose KYC on Private Cryptocurrency Wallets: Reports

The EU Parliament has voted today to impose new regulatory measures that would essentially prohibit anonymous cryptocurrency transactions. The news was first reported today by Coindesk.

The ECON and LIBE committees voted to approve a proposal that would require cryptocurrency service providers, such as exchanges, to collect personally identifiable information from individuals who transact more than 1,000 euros using so-called unhosted cryptocurrency wallets. The committees have not yet officially published the vote.

Unhosted wallets are those which do not rely on third parties, also commonly referred to as non-custodial wallets. Examples of a non-custodial wallet include MetaMask, WalletConnect, or hardware wallets like Ledger and Trezor.

The vote follows debate among policymakers and the crypto industry over whether unhosted wallets should be subject to know-your-customer (KYC) requirements that would compel companies to provide personal information about wallet users.

This story is developing and will be updated.

 

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