European Union lawmakers have passed a recent bill imposing a limit of 1,000 euros ($1,083) on anonymous crypto transfers to combat money laundering and terrorist financing.
According to in response to an announcement by the European Parliament published on March 28, the limit would apply to the transfer of crypto assets when the shopper can’t be identified. Cash transactions may also be capped at €7,000 ($7,585).
The anti-money laundering and countering the financing of terrorism package is attributable to be approved on the plenary session in April. After that, negotiations on the ultimate shape of the laws will begin, she informed.
Aujourd’hui a eu as an alternative of voting valid au @Europarl_PL dans le domaine de la lutte contre le blanchiment d’argent et le financement du terrorism.
— Aurore Lalucq (@AuroreLalucq) March 28, 2023
It has been noted that the European Anti-Money Laundering Authority (AMLA), established in June 2022, will ultimately implement the principles.
“It is very important for us that the brand new authority works very closely with national supervisory authorities and directly oversees essentially the most dangerous crypto asset service providers and financial sector corporations that operate in several Member States.” he said Emil Radev, AMLA co-rapporteur.
The text referring to anonymous instruments, including crypto assets, was overwhelmingly approved by lawmakers with 99 votes in favour, 8 against and 6 abstentions.
The newly adopted text indicates that the implementation of the law would require greater transparency and compliance, especially from crypto asset managers. Noticed:
“Entities similar to banks, asset and crypto asset managers, real estate and virtual agents, and high-profile skilled football clubs might be required to confirm their clients’ identities, what they own and who controls the corporate.”
It was also noted that industries might want to discover specific money laundering and terrorist financing risks of their area of operation and submit this relevant information to a centralized registry.
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This got here after the European Banking Federation (EBF) published a document on March 28 detailing its vision for the long run digital money ecosystem, and specifically the retail digital euro.
The EBF proposed a three-tier model for the digital euro: the role of the European Central Bank (ECB) and two industry levels. The role of the ECB might be to cooperate with the Single Euro Payments Area, with the “Industrial Tier B”, developed and operated by the private sector.
In related news, the ultimate vote on the European Union’s Crypto Rulebook – the Crypto Asset Markets Regulation – has recently been postponed to April 2023.
This isn’t the primary time that European lawmakers have modified the deadline for the procedure, having previously moved it from November 2022 to February 2023.
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