EU Parliament Passes Privacy-Busting Crypto Rules

The proposals are intended to extend anti-money laundering (AML) requirements that apply to conventional payments over EUR 1,000 ($1,114) to the crypto sector. They also scrap the floor for crypto payments, so payers and recipients of even the smallest crypto transactions would need to be identified, including for transactions with unhosted or self-hosted wallets. The plans must also be agreed on by both the parliament and national ministers, who meet as the EU Council, in order to pass into law.