In stark contrast to the proposal passed by the EU in March, the UK does not require cryptocurrency companies to collect information about users who use self-monitoring wallet addresses.
A self-secured or unsecured wallet is a wallet in which an individual user controls private keys rather than a broker or trading platform. Instead of obtaining the permission of a third party, users have complete control over their own funds.
Examples of this type of wallet include MetaMask and WalletConnect or hardware wallets such as Ledger and Trezor.
“Cryptocurrency companies are expected to collect this information only for high-risk transactions, as all self-defense wallet transactions require the collection of payee and sender information. [serem] According to someone, illegal funding Document Issued by the British Treasury.
The decision was made after soliciting feedback from a number of respondents, including academics and professionals.
Grief relief
The news may come as a sigh of relief to those in the privacy-focused areas of the crypto community who have always warned against EU action.
At the time, Coinbase CEO Brian Armstrong called it “anti-innovation, anti-privacy and anti-law enforcement” and highlighted the complex needs of the people.
According to a Treasury report released last week, several advisers to the British government appear to have agreed with Armstrong. Opponents of the potential declaration requirement argued that the burden of imposing it would be “disproportionately” greater than its effectiveness in combating illegal transactions.
Proponents of her case have been working to make the actual transcript of this statement available online. The government, however, disagreed, citing “no evidence” that self-care departments present a proportional risk.
“Many people who store crypto for legitimate purposes use self-care wallets because of their personalization and potential security benefits (such as cold storage). [off-line]) ”, Said the government.
When the Canadian government exchanged nearly $ 1 million worth of Bitcoin (BTC) for protesters during the Freedom Rally in February, self-care wallets got into trouble. Despite the successful disabling of bank accounts and donation sites such as GoFundMe, authorities were only able to seize a portion of the donation funds.
* Translated with permission by Daniela Pereira du Nacimento decrypt.co.
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