Pirates: New EU crypto rules will harm NGOs and whistleblowers

Strasbourg, 20/04/2023 – Today, the European Parliament is expected to approve the results of the trilogue negotiations on new regulations for cryptocurrencies. Pirate Party Members of the European Parliament strongly oppose identification obligations included in the “Information accompanying transfers of funds and certain crypto-assets” legislation, which will effectively abolish anonymous transactions in digital currencies without any threshold. This will negatively impact organisations that depend on anonymous donations, Pirates warn. They will oppose the legislation.

Patrick Breyer, Member of the European Parliament for the German Pirate Party, comments:

“These rules will deprive law-abiding citizens of their financial freedom. For example, opposition figures like Alexei Nawalny are increasingly dependent on anonymous donations in virtual currencies. Banks have also cut off donations to Wikileaks in the past. With the creeping abolition of real and virtual cash, there is the threat of negative interest rates and the shutting off of the money supply at any time. We should have a right to be able to pay and donate online without our financial transactions being recorded in a personalised way.

There is no justification for effectively abolishing anonymous virtual payments: Where Virtual Assets have been used for criminal activities in the past, prosecution has been possible on the basis of the current rules. Banning anonymous crypto currency payments altogether will not have any significant effect on crime. The stated aim to tackle money laundering and terrorism is only a pretext to gain control over our private business.”

Mikuláš Peksa, Czech Member of the European Parliament for the Pirate Party, comments:

“While we understand the European need to regulate crypto assets, we believe that the whole discussion is based on the wrong premise of treating crypto assets as finances deposited in a bank account. We do believe that in the modern world there is one crucial aspect that only crypto assets are able to cover in the future: the role of digital cash. Even and especially in a digital world, we need a medium for anonymous transactions to protect our basic freedoms, ensure privacy and enable struggle for freedom around the globe”