KYC for all and let no one walk away unscathed

KYC for all and let no one walk away unscathed

The European Parliament has been eyeing crypto for a long time and has voted to introduce regulatory measures that could ban anonymous transactions.

The gist of the regulation is to oblige exchanges to collect personal information about individuals making transfers of more than €1,000 using cryptocurrency wallets such as MetaMask, Ledger and Trezor.

The initiative has already caused a stir from Brian Armstrong, CEO of the US cryptocurrency exchange Coinbase. Brian has tweeted that the proposal is "anti-innovation, anti-confidential and anti-law enforcement", arguing that cryptocurrency meets different standards than fiat.

Moni informative:

KYC - Know Your Customer. It obliges all financial institutions, including cryptocurrency exchanges, to identify and verify the identity of every customer.