Users of non-custodial wallets will need to be verified in the EU

On March 31, 2022, the European Parliament adopted amendments regarding the exchange of data between counterparties. As part of this innovation, verification of users of non-custodial wallets will now be requested.

Members of two committees of the European Parliament - ECON and LIBE voted in favor of this decision. In the future, the full bill will be put to the vote and, as experts say, will undoubtedly be passed.

The bill was put to a vote in compliance with the FATF requirements. This is an international anti-money laundering group. It obliges everyone who works with cryptocurrency - exchanges, custodial services, to receive and send data about their clients to counterparties when making transactions.

After the bill is officially passed, exchanges and other platforms will be required to request personal data from users of non-custodial wallets and verify them. At the same time, the provision of data will be required during any operations, regardless of the size of the transaction.

After today's vote, the draft law will be submitted to the European Parliament in April. Further, after its adoption, there will be a discussion of innovations by the Parliament and the Council of the EU, as well as the European Commission. This will take a couple of months, during which additional changes may be made to the bill.

Recall that earlier in March, the ECON committee of the European Parliament did not adopt an amendment to ban the POW mining algorithm in the European Union. A package of laws to regulate cryptocurrencies was negotiated without her.

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