EU Parliament to vote on anti-money laundering bill on March 28

EU Parliament to vote on anti-money laundering bill on March 28

On March 28th, European Parliament officials will meet to vote on the wording of an anti-money laundering bill.

The bill led to policymakers returning to the original phrasing regarding commercial payments, according to The Block.

The bill, added by Members of the European Parliament MEPs, was intended to limit the value of transactions merchants can accept unless the wallet owner is fully identified.

An earlier version of the regulation stipulated that only transfers exceeding the equivalent of €1,000 US $1,090 from EU-licensed criptocurrency service providers would be permitted - a point of contention for the European digital assets industry.

The industry's concerns revolved around the departure from existing regulatory frameworks and the potential hindrance of DeFi innovation.

Exceptions to the €7,000 cash cap are allowed for person-to- person payments, barring transactions involving real estate, luxury items or deposits into financial institutions.

The revised draft stipulates that transaction caps apply only to self-hosted addresses if the customer or beneficial owner of such self-hosted addresses can be identified. See also: EU Bank Supervisors Urged To Contain Market Jitters After Silicon Valley Bank's collapse.

In order to align with regulations such as the European Union's digital identity framework and the recently proposed Anti-Money Laundering Authority's requirements, MEPs have included a directive for the European Commission to re-evaluate the rule on commercial payments in three years.

The bill's text is expected to be approved by the Parliament's Committee on Civil Liberties, Justice and Home Affairs and the Committee on Economic and Monetary Affairs, which oversees the negotiations.

The bill will have to pass a plenary vote before entering inter-institutional discussions, which could give an opportunity to revisit commercial criptocurrency payment requirements.

Next: Do Kwon Faces Justice: New Details On Dramatic Takedown, Extradition Showdown