Crypto Market declined as EU Passes Rules Banning Private Crypto Transactions

After a good start to the week, Bitcoin and the cryptocurrency market are once again facing declining pressure. The broader cryptocurrency market has corrected 5% losing more than $100 billion in investors’ wealth.

On the other hand, Bitcoin is also down by 5.27% and is now trading under $45,000. This is for the first time in the past four days that BTC is trading under $45K.

This decline in cryptocurrencies begins as the EU Parliament passes new rules calling for the repression of unhosted and nonresistant crypto wallets. On Thursday, March 31st, more than 90 lawmakers from the ECON and LIBE committees voted in favor of prohibiting anonymous crypto transactions.

This comes as part of increasing the money-laundering rules in the crypto space. Under these new rules, service providers and exchanges of crypto will have to compulsory collect the personal details of individuals whose transactions are more than 1,000 Euros using self-hosted wallets before clearing the way for the transaction.

The legislators said that these rules are made to identify possible unknown transactions and to block them. Self-hosted wallets are the ones in which the individual maintains their own private keys instead of depending upon the third-party institutions acting as custodians.