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Author: Sandali handagama
Source: Coindesk
The European Parliament and the European Union Council have reached a temporary agreement on anti -money laundering supervision plans suitable for cryptocurrencies;
The agreed framework includes a requiring cryptocurrency company to conduct due diligence on transactions of 1,000 euros or more;
Although the industry is basically satisfied with the results of the framework, some people think that it may not be as fair as the policy maker’s prediction.
Participants in the cryptocurrency industry are worried that the new anti -money laundering rules agreed by EU policy makers are stricter than measures applicable to traditional financial institutions.EU policy makers reached an agreement on comprehensive anti -money laundering supervision framework this week, including strict requirements for cryptocurrency companies.
According to the agreed clauses, service providers must strictly abide by customer verification requirements and take measures to reduce trading risks involving self -custody wallets and cross -border transfer.
Although the established goal is to create a fair competitive environment by applying the same rules for cryptocurrencies and banks, some industry insiders are worried that policy makers adhere to the same money laundering inspection by digital asset companies and other financial institutions.
The European blockchain industry advocates the organization secretary -general Robert Kopitsch said, “Although the co -legislators issued a enthusiastic news statement on the agreement, because the threshold of crypto asset service providers and other financial institutions is not the same, it has not created it.A fair competition environment. “”
The EU’s cryptocurrency industry also lobbyed strongly during the legislative meeting, excluding NFT and DEFI from the scope of the plan, and may even successfully (at least temporarily) to prevent restrictions on privacy enhancement tools.
Anti -money laundering regulations
The European Union created history last year, and was finalized by a major jurisdiction of the jurisdiction.In addition to the milestone -level crypto asset market (MICA) supervision, the group also formulated the rules of collecting cryptocurrency transfer information (TFR) as part of the wider anti -money laundering supervision.
AMLR is a broad action taken by groups composed of 27 European countries to combat illegal funds flow and evade sanctions.Its goals include various potential money laundering tools such as jewelry, luxury cars to large football clubs, and limited the upper limit of large cash payment in the European Union to 10,000 euros.
AMLR promotes the formulation of the EU’s single rules manual and set up a regulatory agency, which also has jurisdiction over the cryptocurrency industry.Eero, a European Parliament, responsible for the supervision negotiationHeinaluoma said at a press conference on Thursday that although the AMLR package plan has not yet been finalized, “the main political principles have been reached.”
HEINALUOMA added that technical discussions on cryptocurrency -related details will begin on Friday.Kopitsch said that these discussions do not involve adjustment of actual measures, but to ensure the rationality of the text at the technical level.
NFT and DEFI are out. What about encrypted anonymous tools?
Although some fierce discussions on whether NFT was included in the scope of supervision, the industry advocated the organization of the EU cryptocurrency initiative (EUVyara Savova, the senior policy leader of Crypto Initiative), said at a call meeting on Wednesday that these assets may be excluded from a package plan.
Tommaso Astazi also said that NFT and decentralized finance (DEFI) may still exceed the scope of a package of regulatory programs.”I think the scope can not be expanded. This range is the range of MICA,”Astazi told Coindesk in an interview on Thursday.He explained that cryptocurrency service providers, which are constrained by MICA, will also be bound by AMLR, and in the absence of anti -money laundering laws (as far as DEFI and potentialFor NFT), these measures are not applicable.
Marina Markezic, co -founder of EU encryption initiative, said at a call meeting on Wednesday that some people are worried aboutAfter Tornado Cash imposed sanctions, AMLR will seek banning or restricting encrypted anonymous tools, and worry that the sanctions entities such as Russia are using cryptocurrencies.
Astazi said on Thursday that it is unclear whether the policy makers continue to discuss these tools, and it is not clear whether they will be included in the final text.
Does bank and cryptocurrency companies have the same rules?
In HEINALUOMA’s own words, AMLR seeks the same treatment as the encrypted asset service provider and credit institutions, and the two must bear the same obligations.
Heinaluoma said at a press conference on Thursday: “The most important thing is that the obligation that the banking industry is to be fulfilled now and in the future will also be fully applicable to encrypted asset business.” He added, “This is important because we know a lotFunding is from traditional payment to the field of cryptocurrencies, “” “” “
Kopitsch said the agreed measures have adopted different thresholds for clients for cryptocurrency, cash transactions and financial institutions.Legal text shows that although all regulatory entities must conduct due diligence on transactions of more than 10,000 euros, financial and credit institutions and cryptocurrency companies must conduct comprehensive customer inspections on transactions of more than 1,000 euros.He said that this is the difference between things.
Cryptocurrency companies must also conduct a basic understanding of your customers (KYC) inspections on all accidental transactions (that is, transactions other than business relations).”For accidents, they still need to identify customers and verify the identity of customers. Now this is a change.”Astazi said, and added that since countries do not always implement the existing anti -money laundering requirements, the company can currently carry out such a transfer in some EU member states.
This is not what the industry wants, especially because it is not important for the entity that is completely supervised, but Kopitsch said that the application of different thresholds “indicate that the technical advantages of blockchain technology have not been recognized.”He added, “As an industry, we can accept the final result of AMLR negotiations, because the consistency of its regulatory scope and MICA and TFR has been guaranteed. This is the key.”
Although it is difficult to give an exact timetable, Savova is expected to be “quite dense” about AMLR’s technical discussions, because policy makers hope to submit the plan for parliament approval in April before the upcoming election.”This means that for us, as a representative of the cryptocurrency industry, AMLR work is carried out at a faster speed.”
