EU Lawmakers To Tighten Up Crypto Transfers Today

We’ve already reported that today is a big day for the crypto space as the EU regulators might tight the crypto transfers. Reuters press agency revealed that the European Union lawmakers were set on Thursday to back tougher safeguards for transfers of bitcoin and other cryptocurrencies, in the latest sign that regulators are tightening up on the freewheeling sector.

It’s been revealed that the EU lawmakers have been spammed with hundreds of emails from the crypto community.

All these people were attempting to influence a key committee vote on Thursday (31 March) regarding the information requirements on the transfers of cryptocurrencies.

This legislation is a recast of the regulation on information accompanying transfers of funds, with a view of including virtual assets such as crypto that were so far outside the scope of EU legislation, despite entailing similar risks.

As Euractiv.com notes: “The European Commission presented the proposal in July 2021 as part of a broader legislative package on countering money laundering and the financing of terrorism. The result of the proposal would be to extend the obligations of financial institutions related to transfers of funds to crypto payments.”

The same notes highlight the fact that these transparency and traceability obligations would apply to Crypto-Asset Service Providers, which would have to record their “clients’ name, address, date of birth and account number, and the name of the intended recipient for each transfer.”

It’s been revealed that the trader Peter Brandt is keeping a close eye on Bitcoin (BTC) as the king coin threatens to print fresh 2022 highs.

The veteran trader, who is known for correctly calling Bitcoin’s 2018 collapse, recently said that Bitcoin’s recent price action is reminiscent of its market structure in April 2019, when BTC dropped at $3,500 before igniting the first leg of its bull cycle.

Stay tuned for more news.