<p>At the base layer, Cardano can't provide such information because it's not built to do that. Atala Prism could be used to get around that however, you can't force anyone to use that layer to transact any more than forcing someone to reveal their seed phrase.</p>

CC BY-SA 4.0
2021-08-30T17:03:10.967Z
Agree. Still, the challenge remains. Perhaps Cardano will some day become a 'qualified electronic ledger' in terms of the proposed EU ei-id regulation (yes, another proposed regulation, link below), and even manage then to utilize the Atala Prism within the EU e-id scheme. (https://digital-strategy.ec.europa.eu/en/library/trusted-and-secure-european-e-id-regulation)
Hillonakki
CC BY-SA 4.0
2021-08-30T19:35:32.520Z
Cardano becoming a "qualified electronic ledger" means we'd have to make base layer changes for the EU which won't happen. Governments don't understand that blockchains don't care about them. CCP has all authority in their nation and the best they can manage is incentivizing bitcoin miners to leave and go elsewhere. The EU making dumb laws will be no different.
jnprogrammer
CC BY-SA 4.0
2021-09-17T16:34:27.670Z
I understand your point. Yet, my thinking was if Cardano as an advanced blockchain (incl Atala Prism) could more easily adapt, and not necessarily on base layer. For example, I have understood Cardano transactions can carry metadata and b) the payer info need not be carried on chain. Nevertheless, I do not think it is all bad; EU is definitely trying to ban crypto. And if we try to be practical, then thinking how to adapt is ok, while perhaps not in line with strictest maximalism... But consider this closed from my side just wanted to bring this to the light for any opportunites that may exist
Hillonakki
CC BY-SA 4.0
2021-09-17T16:37:51.153Z
EU is not trying to ban crypto, I tried to write. :)
Hillonakki
CC BY-SA 4.0
2021-08-28T15:48:21.713Z
2021-08-28T15:48:21.713Z
jnprogrammer
<p>How about storing it in transaction metadata?</p>

CC BY-SA 4.0
2021-09-27T18:36:32.510Z
2021-09-27T18:36:32.510Z
emesik
<p>If you look at the proposal, it requires crypto transfers between virtual/crypto asset service providers to transfer originator and beneficiary name (and some other originator info). However, this data could be carried also outside blockchain.</p>
<p><a href="https://ec.europa.eu/finance/docs/law/210720-proposal-funds-transfers_en.pdf" rel="noreferrer">https://ec.europa.eu/finance/docs/law/210720-proposal-funds-transfers_en.pdf</a></p>
<p>How could Cardano comply with this upcoming regulation? Could it be done somehow for example via Atala Prism (or other id, like the upcoming EU e-id) , by enabling the e-id owners to consent the VASPs to consume this particular information, when (or actually before) the transaction is carried over the blockchain?</p>
<p>I hope this question falls with the scope of the cardano stackexchange. :)</p>

<privacy><prism><legal>
How to comply with proposed EU funds transfer regulation on crypto asset transfers?
# How to comply with proposed EU funds transfer regulation on crypto asset transfers?

(Asked by: username_0 on 2021-08-28)

If you look at the proposal, it requires crypto transfers between virtual/crypto asset service providers to transfer originator and beneficiary name (and some other originator info). However, this data could be carried also outside blockchain.

<https://ec.europa.eu/finance/docs/law/210720-proposal-funds-transfers_en.pdf>

How could Cardano comply with this upcoming regulation? Could it be done somehow for example via Atala Prism (or other id, like the upcoming EU e-id) , by enabling the e-id owners to consent the VASPs to consume this particular information, when (or actually before) the transaction is carried over the blockchain?

I hope this question falls with the scope of the cardano stackexchange. :)

**Tags:** privacy, prism, legal

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## 2 answers

### Answer by username_1 on 2021-08-28. Score: 1

At the base layer, Cardano can't provide such information because it's not built to do that. Atala Prism could be used to get around that however, you can't force anyone to use that layer to transact any more than forcing someone to reveal their seed phrase.

> **Comments:**
> **username_0**: Agree. Still, the challenge remains. Perhaps Cardano will some day become a 'qualified electronic ledger' in terms of the proposed EU ei-id regulation (yes, another proposed regulation, link below), and even manage then to utilize the Atala Prism within the EU e-id scheme. (https://digital-strategy.ec.europa.eu/en/library/trusted-and-secure-european-e-id-regulation)  
> **username_1**: Cardano becoming a "qualified electronic ledger" means we'd have to make base layer changes for the EU which won't happen. Governments don't understand that blockchains don't care about them. CCP has all authority in their nation and the best they can manage is incentivizing bitcoin miners to leave and go elsewhere. The EU making dumb laws will be no different.  
> **username_0**: I understand your point. Yet, my thinking was if Cardano as an advanced blockchain (incl Atala Prism) could more easily adapt, and not necessarily on base layer. For example, I have understood Cardano transactions can carry metadata and b) the payer info need not be carried on chain. Nevertheless, I do not think it is all bad; EU is definitely trying to ban crypto. And if we try to be practical, then thinking how to adapt is ok, while perhaps not in line with strictest maximalism... But consider this closed from my side just wanted to bring this to the light for any opportunites that may exist  
> **username_0**: EU is not trying to ban crypto, I tried to write. :)  

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### Answer by username_2 on 2021-09-27. Score: 0

How about storing it in transaction metadata?


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