Forty cryptocurrency companies have signed an open letter to the European Parliament, the European Commission and other major EU institutions calling for sensible regulation, standardized compliance procedures and an innovation-friendly business environment.
Participants in the crypto industry have expressed concerns about some recent regulatory initiatives at the EU level.
“We want to urgently express our concerns about proposed EU laws that threaten people’s privacy as well as digital innovation, growth and job creation in Europe,” the letter said.
The petitioners called on regulators not to exceed FATF recommendations for record-keeping and user verification, and to exempt decentralized protocols and organizations from organizing and registering legal entities.
“The European Parliament’s proposals leading to the disclosure of all transactions and wallet addresses would put every digital asset owner at risk of derailing years of preparatory work and the future of Web 3.0 in Europe,” the petitioners wrote.