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EU Parliament passes new controversial rules on crypto
The crypto industry has fresh concerns about innovation and privacy invasion following new measures voted by the EU
More than 90 Lawmakers voted in favour of controversial measures to outlaw anonymous crypto transactions
According to documents seen by CoinDesk, the proposals are intended to extend anti-money laundering requirements that apply to conventional payments over 1-thousand to the crypto sector.
This means even the smallest crypto transactions would need to be identified, including for transactions with unhosted or self-hosted wallets.
Further measures are on the table and could see unregulated crypto exchanges cut off from the conventional financial system.
To pass the law, the plans must be agreed on by members of the EU Council.
Bitcoin’s price dropped about 2 per cent in minutes as the vote came through, falling to just over 46-thousand