On Tuesday, European lawmakers discussed in closed sessions what steps could be taken to enable authorities to identify individuals making transactions with any number of crypto assets, but no agreement was reached.
Officials are concerned that “it is possible that terrorist financing may occur not only in large transactions, but also in small ones.” In fact, they are again trying to go against the very essence of cryptocurrency – its anonymity.
Terrorism and the war with Hamas in the current environment may become a major global problem, but all this time, most developing countries and their financial regulators have tried to slow down the development of the crypto industry due to fears of the depreciation of fiat money. Now, it will not be possible to simply oblige by law and attract crypto companies to cooperation, since ways around it will still be found.
In our opinion, Western countries should make a deal and allow the crypto industry to quietly develop their projects in exchange for a prompt response from crypto companies to identify and block suspicious transactions.
The long and protracted approval of spot ETFs, one of the largest projects in the crypto industry in recent times, so far suggests otherwise. It’s a matter of time, gentlemen. Our hearts demand change.
