Will the European Union control all cryptocurrency transfers? In any case, this is the wish of the MEPs who voted for a new bill concerning cryptoactives.
In a press release, the European Parliament announces that the deputies of the committees for economic and monetary affairs and civil liberties have adopted (by 93 votes for, 14 against and 14 abstentions) a position on the bill whose objective is to fight against money laundering and terrorist financing.
“Under new requirements approved by MPs, all transfers of crypto-assets will need to be accompanied by source and recipient information. This information should be made available at the request of the competent authorities. The rules would also cover transactions made from so-called non-hosted wallets (a crypto-asset wallet address that is under the ownership of a private user)”explains the European Parliament.
“The objective is to ensure the traceability of crypto-asset transfers and to block suspicious transactions. The rules should not apply to person-to-person transfers of crypto-assets made without a provider, such as bitcoin exchanges, or between providers acting on their own account.add this one.
Moreover, the deputies opt for a regulation on which there would be no minimum threshold. Thus, there would be no exception for small amounts. Finally, MEPs also want a public register to be created in order to list high-risk entities in relation to money laundering and the financing of terrorism.
After this vote, MEPs will be able to begin discussions with the governments of the European Union in order to arrive at a definitive text. And the Parliament should decide in April.
A project that is far from unanimous
Of course, the vote worries the crypto community. A few days before the vote, Coinbase had for example published a ticket against the project. And among the arguments of the crypto exchange is the fact that digital assets are in general an “inferior” way to do money laundering.
“That’s why, according to the best available research, by far the most popular means of concealing illicit financial activity remains cash. Unlike cash, law enforcement can track and trace digital asset transfers with advanced analytics tools”we read in the publication.
The French company Ledger also opposes the project. “If passed, the TFR would impose a broad financial oversight regime on Europe, stifle innovation and undermine the self-hosted wallets that individuals use to securely protect their digital assets. This measure would also diminish Europe’s ability to seize the full potential of the Blockchain revolution and provide a competitive advantage to other regions of the world.we read in a post published on his blog.