Regulation
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Some of the legislative amendments prepared by officials of the European Parliament regarding its position on combating money laundering (AML) and the financing of terrorism (CFT) could make fundamental changes to the EU regulatory environment. The previously introduced “Travel” rule, which caused a stir in the crypto community, will most likely be abolished.
The new amendments expand the scope of the AML and CFT regulations to include decentralized autonomous organizations (DAOs), decentralized finance (DeFi) protocols, and the non-fungible token (NFT) industry. Many experts suggest that legal regulations will also apply to the Metaverse industry. Service providers in these industries will be required to comply with AML rules when processing transactions from 1000 EUR.
Experts emphasize that legislative amendments will go through a number of bureaucratic norms before they become legally binding. To begin with, an official report of the European Parliament on the regulation of AML and CFT should be generated.
Ultimately, the normative document will be voted at the plenary session. The final version of the report is due in December 2022.
Earlier, the editors of Crypto.ru informed: The head of the Central Bank of Europe, Christine Lagarde, during a recent speech, emphasized that the digital euro must be limitless so that it can be used in cross-border payments. According to the official, this model encourages global regulators to work closely together to implement the CBDC concept. The digital currency must become limitless, but it is also necessary to develop legal norms for its effective regulation, Lagarde emphasized.
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