• Are Cryptocurrency Transactions Private in the European Union? Examining the Effects of Regulation (EU) 2015/847’s Amendment, Proposed Regulation (EU) 2021/0241, and the General Data Protection Regulation

    Author(s):
    Ashton Holland
    Date:
    2023
    Group(s):
    Michigan State International Law Review
    Subject(s):
    Law
    Item Type:
    Article
    Permanent URL:
    http://dx.doi.org/10.17613/37k1-cs15
    Abstract:
    In July 2021, the European Union proposed Regulation (EU) 2021/0241 to regulate the rise of cryptocurrency within its member countries. Proposed Regulation (EU) 2021/0241 is an amendment to Regulation (EU) 2015/847, and its main purpose is to augment the current legal definition of “funds” to include cryptocurrency. Moreover, proposed Regulation (EU) 2021/0241 attempts to tackle criminal activity by forcing crypto wallets to divulge personal identifiable information to European Union financial regulators. This change, however, does not come without concern as it has potential ramifications for proposed Regulation (EU) 2021/0241 to work with the current General Data Protection Regulation. The General Data Protection Regulation’s main purpose is to provide privacy to individuals from third-party and governmental interests, which also includes their financial transactions. This note examines the effects of proposed Regulation (EU) 2021/0241 and highlights the current deficiencies where the regulation would fall short, mainly through the lens of the General Data Protection Regulation.
    Metadata:
    Published as:
    Journal article    
    Status:
    Published
    Last Updated:
    5 months ago
    License:
    All Rights Reserved
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