(CoinDesk) The EU voted in favor of a measure seeking to outlaw anonymous crypto transactions, with the sector leaders saying the move will stifle innovation and hurt privacy.
The EU proposals aim to counter money laundering, with the measures targeting payments exceeding EUR 1,000 or $1,114 to the crypto sector.
The regulators also want to put an end to the floor for crypto payments that would ensure that even smaller crypto transactions would be identifiable to the payers or recipients.
The proposals would further see unregulated crypto exchanges sidelined from the conventional financial system.
Members of the center-right European People’s Party still rejected many of the controversial measures, terming the move as a “de facto ban of self-hosted wallets.”
Another separate legal measure would seek to stop transfers to non-compliant crypto service providers.
The EU move comes when many industrial players, including Coinbase, have warned of severe privacy violations. The EU plans now need the consensus of the parliament and national ministers.
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