The European Data Protection Board wants to ensure that the anti-money laundering measures are compatible with the rights to privacy and data protection as enshrined in Articles 7 and 8 of the Charter of the Fundamental Rights of the European Union.
The EDPB has therefore required the European Commission to be associated with the drafting process of any kind of anti-money laundering legislation in its early stages. This association is considered to be important from the perspective of facilitating legal advice from a data protection perspective without prejudice to Article 42 of Regulation 2018/1725 at a later stage.
Thus, going forward, the EDPB will be ready to be involved to be consulted in a timely manner by European or international regulatory bodies or standard setters like the Financial Action Task Force before the issuance of their recommendation.
The statement by the EDPB looks like they have something in place to stop the ever increasing AML addiction of governments and FATF.
The principles of necessity of such measures in a democratic society and their proportionality is good for the sustenance of privacy coins like Monero (XMR)
Monero (XMR) and High Level of Anonymity
Reportedly, Monero exceeded its previous all-time high numbers of monthly transactions by 12,840 transactions with 4 days remaining. The transactions are up by 287% since last year and 11% since last month. There have been 536,663 transactions until December 29, 2020.
This just is a proof that more of the users are willing to transact anonymously and therefore they are using privacy preserving Monero.
The core power of Monero is privacy and this is the major reason for why they reacted to the FINCEN cryptocurrency regulations.
Previously, Justin Ehrenhofer gave a webinar in which he spoke about designing a compliance program for privacy preserving cryptocurrencies.
The compliance program from ComplyFirst provides comprehensive resources which can be used by exchanges and other entities to support privacy enhancing coins and technologies in a completely compliant manner.
In response to the cryptocurrency regulations Bittrex announced that they are delisting privacy coins like Monero, ZCash and Dash.
However, Darknet Giant White House market dropped Bitcoin and supports Monero only payments.
The delisting of Monero led its price to plunge. In terms of price, it is not really performing well. This is an obvious response to the cryptocurrency regulation; however, the price will resume when a new attitude towards regulator interference sets it. Regulations cannot doom the future of privacy transactions.