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Crypto companies have petitioned 27 EU Finance Ministers to relax disclosure requirements

Reuters reported this week that 46 European crypto businesses and groups have submitted a letter to 27 EU finance ministers on crypto transaction disclosure requirements, stating that it has seen the document.

Businesses and groups encouraged EU politicians in a letter dated April 13 to ensure that new laws do not go beyond existing guidelines that are in line with the Financial Action Task Force’s requirements (FATF).

They expressed their displeasure with the rules forcing crypto businesses to gather information on persons participating in digital currency transactions. So, They specifically requested that the EU exempt decentralized projects, such as decentralized finance (defi), from the legal entity registration requirements.

They also stated that the Markets in Crypto Assets (MiCA) regulatory framework should not apply to certain decentralized stablecoins.

According to the letter’s organizers, ideas that lead to public disclosure of transaction information. Then, and wallet addresses “would put every digital asset owner at danger” by lowering crypto holders’ privacy and safety.

Last month, the European Parliament approved the MiCA law without the section that would have effectively banned proof-of-work cryptocurrencies. MiCA was created by the EU to govern all cryptocurrency issuers and service providers in the region.

One of the letter’s organizers, Coinshares CEO Jean-Marie Mognetti. Of course, said that European crypto rules are currently more complex than those in other places. She emphasized that strict laws have stifled company expansion in Europe.

Diana Biggs, chief security officer at Defi Technologies, was another letter organizer who stated:

“There hasn’t been strong enough or coordinated efforts across our industry in Europe.”

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