Read on Twitter
1/ In light of today's second political trilogue, we are sharing our position on #AMLR. We discuss our concerns & recommendations to strike the right balance between tackling financial crimes & fostering innovation in the #blockchain & #crypto industries. 
2/ 🟣 We highlight the issue of double scoping of #CASPs as both financial institutions & a standalone category, potentially leading to legal confusion. We ask legislators to revert back to the EC's initial proposal for defining obliged entities under #AMLR.
3/ 🟣 We address the inclusion of #NFTs services as obliged persons, Metaverse, #DAOs & #DeFi arrangements. We urge legislators to remove unnecessary references, considering the diverse nature of NFTs & the nascent stage of the Metaverse and DeFi.
4/ 🟣 On the topic of Customer Due Diligence requirements, we stress the importance of a risk-based approach for occasional #crypto transactions, especially in regard to self-hosted addresses, and fair treatment of payments in crypto without involving a #CASP.
5/ 🟣We're concerned about the potential disproportionate effect of strict rules on start-ups and smaller companies in the #crypto space when it comes to, among other things, customer identification and verification obligations. A measured approach is needed to foster innovation.
6/ 🟣 When dealing with anonymising #crypto instruments, we call on legislators to rethink their approach, as overly rigorous regulation could impact citizen #privacy rights. A balance must be struck between tackling financial crimes and supporting privacy rights.
7/ 🟣 Lastly, we point out the heavy reliance on the future Anti-Money Laundering Authority (AMLA) for practical implementation of #AMLR rules. Many essential aspects are left to the yet-to-be-established #AMLA. We urge legislators to ensure clarity & certainty in these matters.
8/ The aim is to create a harmonised regulation that provides a welcoming environment and fosters innovation while effectively combatting financial crimes. We encourage the #EU to continue its efforts towards this goal.
9/ Help us spread the word - like, retweet, comment on our position, and let us know your thoughts 👇
#CryptoRegulation
#CryptoRegulation
• • •
Missing some Tweet in this thread? You can try to
force a refresh
