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EU Crypto Leaders Appeal for Exclusion in Disclosure Rules

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Over 50 leaders of cryptocurrency businesses have appealed for the non-inclusion of their firms in disclosure rules on transactions as the government readies a framework for the industry.

Source: Reuters

BTC is up 5.20%, ETH up 5.31%, and ADA up 4.67%.

Cryptocurrency firms wrote a letter to 27 finance ministers of the European Union to ensure that regulations would not exceed guidelines already established under the global Financial Action Task Force (FATF).

The appeal also asked lawmakers to exclude decentralized projects such as decentralized finance from registration requirements with legal entities and that decentralized stablecoins be excluded from the regulation.

Lawmakers in the area in March agreed to support safeguards for tracing digital tokens, which were largely opposed by major exchanges such as Coinbase Global Inc.

Over 46 leaders of the industry earlier said proposals on the sector will “put every digital asset owner at risk,” citing the need for public disclosure of transaction details and wallet addresses which would lessen privacy.

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