EU Parliament votes to impose KYC on private crypto wallets
The European Union (EU) Parliament has voted to impose new regulatory measures that would prohibit anonymous crypto transactions. They have approved a proposal that would require crypto service providers (such as exchanges) to collect personally identifiable information from individuals who transact more than €1,000 using unhosted crypto wallets. Unhosted wallets are non-custodial wallets, which do not rely on third parties.
Crypto prices today: Bitcoin falls 4.7%, ETH down 3.9%
Bitcoin is currently trading at $44,891.56, a 4.7% decline over the previous day. Ethereum is down 3.9% over the last 24 hours to $3,267.89. Solana is up 0.8% to $123.16, while Cardano is trading lower by 5.7% at $1.14. Meanwhile, Avalanche (AVAX) fell 5.1% to $93.86. The global crypto market cap stands at $2.06 trillion, a 4.28% decline over the previous day.
Binance steps up hiring, activity in crypto hub Dubai
Crypto exchange Binance is recruiting over 100 positions in the United Arab Emirates (UAE) and is helping to shape Dubai’s new virtual assets regulations. The company’s links with the Gulf state have deepened in recent months as the UAE is trying to style itself as the world’s new digital assets hub. Binance is also helping Dubai’s financial free zone develop a virtual asset ecosystem.
US lawmakers introduce Stablecoin Transparency Act in Senate
Two U.S. lawmakers, Rep. Trey Hollingsworth and Sen. Bill Hagerty, introduced a new bill in both the House and Senate that aims at bringing greater transparency to the stablecoin marketplace. The “Stablecoin Transparency Act” will set standards for the quality of assets held in reserves. It will also require stablecoin issuers to report on their reserves. If passed, the bill would have a severe impact on stablecoin issuers like Circle and Tether.
India will frame crypto law after global consensus: Report
As per a Bloomberg report, India will frame legislation for crypto only after a global consensus emerges on regulating such assets. The government is not planning a law soon to either regulate or tighten provisions. Crypto investments have flourished in India after the Supreme Court set aside restrictions imposed by the Reserve Bank of India in March 2020.