Players in the cryptocurrency world are asking the European Union not to over-regulate the market. This request was made in a letter seen by Reuters and sent to the 27 EU finance ministers on April 13.

The European Union, like countries and jurisdictions around the world, is working to tame a burgeoning crypto-currency industry. The EU is ahead of the U.S. and Britain in developing a set of rules for the $2.1 trillion industry. In response, more than 40 crypto-currency industry leaders have called on the European Union not to require crypto-currency companies todisclose their transaction details and to mitigate attempts to rein in the rapidly growing decentralized financial platforms.

As such, cryptocurrency companies have called on policymakers to ensure that their regulations do not go beyond the rules already in place under the Financial Action Task Force on Money Laundering (FATF), which sets standards for combating money laundering. These rules, which are opposed by the major U.S. exchange Coinbase Global, would require cryptocurrency companies to collect and retain information on individuals involved in digital currency transfers.