EU moves to curb crypto privacy could be regulatory overkill, attendees at PBWSummit were told. jackschickler reports on day 1.
The crypto sector is still reeling from a string of votes in the European Parliament that some warned could prove regulatory overkill, attendees at the Paris Blockchain Week Summit discovered Wednesday.of proof-of-work technology – which some feared could amount to a bitcoin ban – failed to get through the European Parliament when voted on in March. But a second, also controversial, anti-money laundering measure did pass and could now become law if governments also sign up.
Proponents, including lead lawmaker Assita Kanko, have argued the travel rule will help cut crime, and have previously told CoinDesk it could be a spur for innovation in a sector that prides itself on creativity. But in Paris, some point out that the existing rule, which requires institutions like banks to report any dodgy-looking payments to the authorities, doesn’t work well even in the conventional financial sector – and is even worse suited to blockchain-style tech.
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