(Reuters) At least 40 firms drawn from the crypto firms want the EU to abandon plans to force digital asset firms to disclose transaction details.
Crypto heads have maintained that the proposals suggested by the EU “will put every digital asset owner at risk” through public disclosure of transactions and wallet addresses.
The firms also want the EU to put a break on an intended move to reign on the decentralized finance platforms. The crypto executives want DeFi to be excluded from being registered as legal entities.
Further calls include a request that the EU does not include certain decentralized stablecoins into the MiCA regulatory framework,
The crypto industry recommends that the regulations in the sector should not go beyond the rules set in place under the global Financial Action Task Force, which sets standards to prevent money laundering.
The new calls come even as EU regulators last month backed new safeguards for tracing cryptocurrency activities. The rules have since been rejected by crypto executives, including Coinbase.
The EU’s proposed MiCA framework also seeks to regulate service providers and issuers of crypto assets in the region. The regulations await the decision of the EU’s executive branch and heads of states after earning the approval of the European parliament.
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