• The European Union has tightened regulations for crypto exchanges.
• EU made proposals for extending Anti-Money Laundering requirements (AML), to all exchanges that have transactions exceeding EUR 1000 ($1,114).
• Brain Armstrong, CEO of Coinbase (NASDAQ) responded in several tweets.

Brain Armstrong of Coinbase commented via a series tweets, after the European Union voted for the extension of Anti-Money Laundering regulations to crypto exchanges.

The EU’s proposals received 90 positive votes. They extend the anti-money laundering regulations to allow crypto exchanges charge for any transaction over EUR 1,000 (1114). Also, they plan to eliminate the crypto payment floor so both the receiver and the payer will have to be identified.

Armstrong voiced his opinion, and he gave a list of reasons why this would be a poor decision.

1. The EU Parliament will vote, on 31 March 2018, on the proposal for a crypto surveillance program. This proposal is anti innovation, anti privacy, and anti law enforcement. Make your voice heard and contact your member here: https://t.co/b3Ll3xXiW4

— Brian Armstrong – barmstrong.eth (@brian_armstrong) March 30, 2022

The first tweet was captioned, saying “1/ On 31 March, the EU Parliament will vote on its proposal for a new crypto surveillance regime. The proposal is anti-innovation, anti-privacy, and anti-law enforcement.” This was followed by 7 replies and attached to a Coinbase page where people can express their opinion about these proposals.

The outstanding response was:

5/ Coinbase may also require you to be reported to authorities if you earn more than 1,000 euro in cryptocurrency from a wallet that is self-hosted. Even if there are no suspicious activities, this applies.

This was followed by another important reply which stated: “6/ Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros.”

Some claimed that the seven responses made excellent points about the proposed changes. But, lawmakers made their decision. “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,” said EPP economic spokesperson, Markus Ferber, in an emailed statement Thursday.

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