{"id":22761,"date":"2022-04-01T08:07:59","date_gmt":"2022-04-01T07:07:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=22761"},"modified":"2022-04-01T08:15:09","modified_gmt":"2022-04-01T07:15:09","slug":"bitcoin-the-crypto-market-fall-5-as-eu-passes-rules-prohibiting-private-crypto-transactions","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-the-crypto-market-fall-5-as-eu-passes-rules-prohibiting-private-crypto-transactions\/","title":{"rendered":"Bitcoin, Crypto Market Fall 5% As EU Passes Rules Prohibiting Private Crypto Transactions"},"content":{"rendered":"\n
Bitcoin<\/a> and the larger cryptocurrency market are once again under bearish pressure despite a solid start to the week. The cryptocurrency market as a whole has dropped 5% wiping out more than $100 billion in investor wealth. <\/h5>\n\n\n\n
\"Bitcoin,
EU on banning Private Crypto Transactions<\/figcaption><\/figure><\/div>\n\n\n\n

Bitcoin, on the other hand, is down 5.27 percent as of the time of writing this article and has fallen below $45,000. BTC is now trading under $45K for the first time in the last four days. <\/p>\n\n\n\n

This reaction in the crypto space comes as the European Parliament passes new laws prohibiting unhosted and non-custodial cryptocurrency wallets. More than 90 legislators from the ECON and LIBE committees voted in support of making anonymous crypto transactions illegal on Thursday, March 31st. <\/p>\n\n\n\n

This is part of a larger effort to tighten money-laundering regulations in the crypto space. Crypto service providers and exchanges will be required to acquire the personal information of individuals trading more than 1,000 Euros using self-hosted wallets under these new guidelines before facilitating the transaction. <\/p>\n\n\n\n

These rules, according to legislators, are intended to identify and block potentially questionable transactions. Self-hosted wallets are the ones in which the user manages their private keys rather than depending on third-party institutions to keep track of them.<\/p>\n\n\n\n

Some legislators are opposed to the move<\/strong><\/h3>\n\n\n\n

EU lawmakers\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> from the European People's Party (EPP) have spoken out against the decision, calling it controversial changes. The EPP's economic spokesperson, Mark Ferber stated: <\/p>\n\n\n\n

\u201cWe need to take AML risks in crypto seriously, but should not ban unhosted wallets. This would be the equivalent of banning cash \u2014 unnecessary and disproportionate!<\/em><\/p>\n\n\n\n

Such proposals are neither warranted nor proportionate. With this approach of regulating new technologies, the European Union will fall further behind other, more open-minded jurisdictions\u201d.<\/em><\/p>\n\n\n\n

Furthermore, proponents of the cryptocurrency business have blasted at the proposal. These policies, according to Coinbase<\/a> CEO Brian Armstrong, are “anti-innovation, anti-privacy, and anti-law enforcement.” He went on to say that the restrictions penalize bitcoin holders disproportionately.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and the larger cryptocurrency market are once again under bearish pressure despite a solid start to the week. The cryptocurrency market as a whole has dropped 5% wiping out more than $100 billion in investor wealth.  Bitcoin, on the other hand, is down 5.27 percent as of the time of writing this article and […]<\/p>\n","protected":false},"author":32,"featured_media":22762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,21],"tags":[8591,152,132],"class_list":["post-22761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-news","tag-eu-ban","tag-bitcoin","tag-crypto"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/EU-vs-Crypto.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=22761"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/22762"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=22761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=22761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=22761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}