The European Parliament is working on its regulatory approach to cryptocurrency regulation. According to a new decision, crypto users who are no longer authenticated will face a cryptocurrency limit! Here are the details…
New decision from the European Parliament: 1000 Euro limit has been imposed on unverified IDs!
According to a press release earlier in the day, other lawmakers in the European Parliament and the Economics and Civil Liberties committees voted on new measures on anti-money laundering (AML) and terrorist financing regulation on 28 March. The new law imposes a 1000 euro limit on crypto users with unverified identities. The press release noted:
Organizations such as banks, asset and crypto asset managers, real estate and virtual real estate brokers, and top professional football clubs will need to verify the identity of their clients, what they own and who controls the company. They will also have to identify detailed money laundering and terrorist financing risk types in their business sectors and forward relevant information to a central register.
Along with these new limits, the European Union’s plan to curb terrorist financing and money laundering transactions was unanimously approved, while the EU parliament pressured cash payments at 7000 euros for transactions from unverified crypto users in the same category, alongside the 1000 euro limit imposed. The limits came alongside measures that restrict businesses from accepting large payments from anonymous sources.
Meanwhile, according to French lawmaker Damien Carême, who is leading the negotiations to renew parliament’s anti-money laundering regulations, the law is aimed at preventing money laundering, not to ban crypto payments, as the limit only applies to unregulated wallets and unverified users. Here are Carême’s words:
We absolutely do not block crypto transactions. It will only happen when identification is not possible.
EU Parliament announces new agency to prevent money laundering!
As part of the renewal, Parliament also voted to establish a new European Union Anti-Money Laundering Agency “AMLA”, which is given supervisory and investigative powers “to ensure compliance with anti-money laundering requirements”. A total of 99 deputies voted in favor of the new plan, with six abstaining.
AMLA is responsible for monitoring risks and threats within and outside the EU. The agency will also be used to directly supervise some specific credit and financial institutions and categorize them according to their level of risk. According to the report, Members of the European Parliament are considering giving AMLA the power to mediate and resolve disputes between national financial auditors. AMLA will also receive whistleblower complaints and provide stronger oversight of auditors in the non-financial sector.
CBDC warning from ECB chief Lagarde
On the other hand, from outside of Europe, the head of the European Central Bank (ECB), Christine Lagarde, recently said that the credibility of central banks could lose their role as anchors of the financial system if they do not adopt central bank digital currencies (CBDCs). .
Where do we Central Bankers stand? We operate as a monetary anchor for Commercial Banks and private money.
If we are not in this game, if we are not experimenting and innovating in terms of digital central bank money, we risk losing the anchor role we have played for decades.
The ECB chairman continued to highlight points in history where a central bank failed to serve as a “monetary anchor”, which he said had “caused crisis after crisis”.
Do we want to go back to those days? Probably not. I would definitely say no, from our point of view. As a result, we have to respond to the demand for these digital payments to maintain the anchor role we regularly play.
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