The cryptocurrency industry is now purposed to push the EU lawmakers on the law changes. More than 40 crypto businesses in Europe have called out the EU Parliament not to require the disclosure of transaction information. Additionally, the crypto leaders do not support a ban on the fast-growing decentralized finance platforms. Findmore news on the GBC Time website.

Like many other governments, the EU authority keeps trying to find the best way to regulate the cryptocurrency market. The EU Parliament has even overtaken the US and the UK establishments in developing the regulation rules for $2.1 trillion.

The crypto businesses have already shared their opinion on the regulation tightening. On April 13, 27 EU Ministers received the letter from crypto business owners. They are sure that the global Financial Action Task Force (FATF) regulation is enough for the industry.

According to the crypto leaders, such a transparency requirement in transactions will violate many users’ privacy.

CoinShares CEO Jean-Marie Mognetti, who initiated the letter, is sure that the European legislation system towards the crypto industry is too strict. Therefore, the sector’s development is slowing down, and the prospects are decreasing.

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