The European Parliament's Committee on Economic and Monetary Affairs (ECON) will vote on March 31 on amendments to the regulation on the exchange of information between counterparties when transferring funds.
According to Unstoppable Finance development manager Patrick Hansen, the proposal involves collecting data on users of non-custodial crypto wallets.
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Hansen claims the measure aims to implement the Financial Action Task Force's (FATF) "travel rule," which obliges digital asset service providers, such as exchanges and custodial services, to share information about their customers when transmitting transactions.
It should be noted the European Parliament is currently debating the proposed amendments. Hansen has highlighted the draft law published by the body tightens the requirements for collecting and exchanging data when transacting with non-custodial wallets. He has written:
"Unlike the original proposal, which only required the collection (but not verification) of personal data when transferring from/to a non-hosted wallet, the project requires “to verify the accuracy of information regarding the initiator and beneficiary behind the non-hosted wallet'."