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The crypto industry has delivered an urgent letter to European Union finance ministers and lawmakers calling for a reconsideration of anti-money laundering rules which it regards as “burdensome” and “alarming.”
The letter, signed by academics, lobby groups and senior executives from companies such as Ledger, Aave and Blockchain.com, states that the current proposals to verify crypto users, known as the travel rule, are a threat to privacy and innovation in the EU.
The letter, dated April 13, reads:
“The proposals from the European Parliament, by leading to the public disclosure of all transactions and digital asset wallet addresses, will put every digital asset owner at risk [and] risk derailing years of preparatory work and the future of Web 3.”
The draft anti-money laundering laws in contention passed in a March 31 vote, after regulators warned that even small crypto payments are used for illicit means such as terrorism financing and child pornography. European governments will still need to give their approval before the laws will come into effect.