Unhosted is unwelcome: EU’s attack on noncustodial wallets is part of a large...
Regulators on both sides of the Atlantic seem to be nervous about people transacting with their wallets. Last week, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) voted in favor of a regulatory update that could compromise the exchange platforms’ ability to deal with noncustodial crypto wallets. Should the regulatory project make it to the legislation phase in the upcoming months, it would place severe disclosure requirements on transactions between noncustodial wallets and crypto exchanges....
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There are a few ways for regulators to limit the usage of noncustodial wallets, but there is no way to ban it completely, SatoshiLabs CFO said. As regulators grow increasingly concerned about investors moving their cryptocurrency out of centralized exchanges, one industry exec has assessed the probability of a potential ban of noncustodial wallets.Stepan Uherik, the chief financial officer of SatoshiLabs, the firm behind the Trezor hardware wallet, is confident that it’s highly unlikely that governments around the world would manage to ban the use of noncustodial wallets one day.“It’s very....
“There is not good evidence that unhosted wallets present a disproportionate risk of being used in illicit finance,” said the Treasury update. The government of the United Kingdom said it intends to modify a proposal that would have required crypto firms to collect personal data from individuals holding unhosted wallets that were the recipients of digital asset transfers.In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on Wene, HM Treasury said it will be scaling back its requirements for gathering data from both the senders and recipients of....
“Indeed, cash poses a greater challenge to law enforcement than cryptocurrency in unhosted wallets," wrote Judge Zia Faruqui in an opinion on a forfeiture case.
Industry representatives call the authorities not to go beyond the scope of the FATF Travel Rule recommendation. Forty crypto companies cosigned an open letter to the European Parliament, European Commission and other principal E.U. institutions with a call to ensure common-sense regulation, standardized compliance procedures, and an innovation-friendly business environment. An open letter on behalf of the international Web3 community and “businesses across Europe,” shared with Cointelegraph by one of the signatories, went out to EU institutions on April 19. The industry players expressed....
The Association of Banks of Russia has previously collaborated with Binance as part of its expert center focused on crypto regulation. A major Russian banking association wants to criminalize keeping your own cryptocurrency keys.The Association of Banks of Russia, an organization including more than 300 Russian banks and financial institutions, has called on lawmakers to criminalize storing crypto outside of centralized exchanges on noncustodial wallets, local news agency Izvestia reported on Monday.In contrast to accounts at centralized crypto exchanges, noncustodial or self-custodial....