The European Parliament has approved provisions to a bill that takes aim at so-called unhosted wallets.
On March 31, the ECON and LIBE committees voted to approve amendments to its Transfer of Funds Regulation that would require crypto service providers — usually exchanges — to verify the identities of the owners of unhosted wallets with which they transact in advance of a transaction.
The committee votes on the amendments in question were 58 for, 52 against, with 7 abstentions, per voting tallies shared with The Block. The committees will hold another vote on the Transfer of Funds Regulation today, but the final vote is not expected to see much resistance. Pending a final vote, the bill could face trilogues with the European Commission and European Council as soon as mid-April.
The new provisions, while threatening to self-hosting, are on track to face significant blowback from the Council and Commission, which are generally more technically savvy and less politically exposed than Parliament.
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