In another installment of the European Union’s discussions on the controversial Transfer of Funds Regulation (TFR), the European Parliament’s Committee for Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) have passed a controversial draft that could exert a negative impact on the industry.
The provisions could pave the way for a crackdown on so-called 'unhosted wallets', the term institutions use to refer to regular wallets. Art. 5 of the draft requires exchanges to report to the authorities every transfer from a non-customer’s wallet of at least EUR 1,000 (USD 1,1115).
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