How regulators got it wrong -Breaking
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Regulators got it wrong with self-custody and control over identityA recent proposal by the European Union RequirementsThe use of centralized cryptocurrency exchanges to verify the identity of self-custodial account holders and to gather and verify their personal data shows how dangerous it is to recycle traditional finance rules (TradFi), and apply them to crypto, without understanding the concepts. This is what we will see as more countries try to implement Financial Action Task Force (FATF). The Travel RulesInitial DesignTo transfer crypto assets, wire transfers
Proposed EU: What is its purpose? rules is “to ensure crypto-assets can be traced in the same way as traditional money transfers.” This assumes that each self-custodial wallet can be linked to someone’s verifiable identity and that this person necessarily controls the wallet. It is incorrect.
Natalie LinhartConsenSys is her legal counsel. Her services include advising on MetaMask products, NFT experience and institutional staking. Additionally, she focuses her attention on European regulatory issues that impact the crypto sector. Prior to joining Clifford Chance London as a derivatives and financial regulator lawyer, she assisted clients in launching products, accessing new market places, and mitigating regulatory risk. Her experience also includes derivatives transactions and capital market transactions, including for a major investment bank.
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