MEPs on the Committees on Economic and Monetary Affairs (ECON) and Civil Liberties (LIBE) adopted their negotiating position on the draft directive strengthening EU rules on money transfers by a solid majority (93 votes in favour, 14 against and 14 abstentions) on Thursday 31 March.
Included in the package of measures against money laundering and terrorist financing, this legislative proposal aims to ensure the same traceability for crypto-asset transfers as for regular money transfers (see EUROPE 12922/14).
“We also seek to normalise the crypto world as it grows, implementing rules that create trust”, Assita Kanko (ECR, Belgium), rapporteur for the LIBE Committee, stressed in a statement, recalling that it is “more than a decade [since] the creation of bitcoin”.
Thus, all crypto-assets transfers will have to be accompanied by information on sources and beneficiaries that is made available to the competent authorities. ‘Unhosted wallets’ of crypto-assets owned by a private user are also covered.
“Social Democrats, Greens and Liberals have pushed for a de facto ban of self-hosted wallets. If you translate this to everyday life, this would amount to essentially banning cash as a means of payment. Such proposals are neither warranted nor proportionate”, criticised Markus Ferber (EPP, Germany), in a statement. He warned that “with this approach of regulating new technologies, the European Union will fall further behind other, more open-minded jurisdictions”.
MEPs also decided to remove minimum thresholds and exemptions for low-value transfers of crypto-assets.
Finally, they want the European Banking Authority (EBA) to create a public register of crypto-asset businesses and services at high risk of money laundering and criminal activity, including a non-exhaustive list of non-compliant providers.
The Council of the EU had decided on its negotiating position at the end of 2021 (see EUROPE 12845/25). (Original version in French by Anne Damiani)