Yesterday the European Parliament passed the final version of three sets of broad anti money laundering (AML) legislation that include clauses that impact cryptocurrencies and crypto-assets more broadly. The timing was critical as Parliament recesses today ahead of elections. Crypto receives the most attention in the EU single rulebook regulation. The final necessary step is for the European Council to approve the legislation.
While the legislation is by no means a light touch, several crypto-related clauses were watered down compared to the early drafts. As reported in January, the major impact is crypto asset service providers (CASPs) now have to implement the same AML rules as banks for transactions of more than €1,000.
The good news is that they dropped the original plan to include NFT platforms and Decentralized Autonomous Organizations (DAOs), which are not classified as CASPs. However, the legislation notes that by the end of the year the Commission will report to Parliament on crypto-assets in general and NFTs in particular. Hence NFT AML legislation could still arrive, just not yet. There’s no mention of DAOs.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
