No AML Checks For Most Transfers To Unhosted Crypto Wallets, EU Policymakers Decide (coindesk.com) 6
A Wednesday meeting secured a final deal on anti-money laundering legislation for crypto transfers and largely overturned a proposal from the EU Parliament to impose laundering checks on all payments to private wallets. CoinDesk reports: The final proposals will mean customer identity needs to be verified for even the smallest crypto transfers, if it's between two regulated digital wallet providers -- but payments to unhosted private wallets will largely be left out of laundering checks. EU lawmakers and government representatives have been meeting over the last three months to hash out a political deal on the bill, which was introduced in July 2021 by the European Commission. Two sources leaving the meeting, who asked not to be named, told CoinDesk a deal had been reached on the legislation after just over an hour of talks.
Just under an hour following the publication of this article, EU lawmaker Ondrej Kovarik confirmed the provisional deal in a tweet, saying that it "strikes the right balance in mitigating risks for fighting money laundering in the crypto sector without preventing innovation and overburdening businesses." Outside the meeting room, Kovarik told CoinDesk that negotiators had found a "good balance" that would not prevent innovation. "It will allow the further development of crypto in Europe," Kovarik said.
For the rules on transfers to unhosted wallets, Kovarik said the final result had "moved quite far from the initial proposal of the European Parliament" -- something likely to be met by a sigh of relief by many in the industry. Kovarik said those unhosted wallet rules would only apply when transfers were made to a person's own private wallet, and only when the value was over 1,000 euros ($1,052). [...] Lawmakers and governments overturned European Commission plans to exempt small transactions, arguing that price volatility and the ability to break up payments into smaller chunks would make it unworkable for crypto. Further reading: Crypto Rules To Make Europe a Global Leader As Prices Plunge (The Associated Press)
Just under an hour following the publication of this article, EU lawmaker Ondrej Kovarik confirmed the provisional deal in a tweet, saying that it "strikes the right balance in mitigating risks for fighting money laundering in the crypto sector without preventing innovation and overburdening businesses." Outside the meeting room, Kovarik told CoinDesk that negotiators had found a "good balance" that would not prevent innovation. "It will allow the further development of crypto in Europe," Kovarik said.
For the rules on transfers to unhosted wallets, Kovarik said the final result had "moved quite far from the initial proposal of the European Parliament" -- something likely to be met by a sigh of relief by many in the industry. Kovarik said those unhosted wallet rules would only apply when transfers were made to a person's own private wallet, and only when the value was over 1,000 euros ($1,052). [...] Lawmakers and governments overturned European Commission plans to exempt small transactions, arguing that price volatility and the ability to break up payments into smaller chunks would make it unworkable for crypto. Further reading: Crypto Rules To Make Europe a Global Leader As Prices Plunge (The Associated Press)
Russian Oligarchs (Score:2)
So does this mean Russian Oligarchs can now get around any sanctions to get their money?
Re: (Score:3)
There is literally another story on /. right now about how people are getting tracked using crypto right here:-
https://yro.slashdot.org/story... [slashdot.org]
People in that thread are having a moan how it is now so hard to cover stuff up.
Now in this thread you are complaining about how it can be used for untraced transactions by Russian Oligarchs.
We should all come to a consensus, is this a good thing or a bad thing because /. cannot seem to make it's mid up.
Re: Russian Oligarchs (Score:1)
This may be why the U.S. Govâ(TM)t doesnâ(TM)t go around calling crypto (anything) the scam it really is. They are using it to build a database of who the next greater fools are? As referenced above:
https://theintercept.com/2022/... [theintercept.com]
I think they should make a movie about this (Score:2)
Who got bribed? (Score:1)
Re: (Score:3)
There was no regulation at all on cryptocurrencies. Now there will be one. It's a progress. One could invoke the "bribe" argument when a single deputy proposes some weird thing. But here there was a negotiation between 27 heads of State. It would be infeasible to bribe 27 Presidents/Prime Ministers simultaneously, from total monetary values and considering the need to keep it secret in such a large scale conspiracy. (One only needs to bribe 15 of them for a majority vote, but this is still difficult to keep