Payment restriction in EU antimoney laundering bill irks crypto industry

A single article introduced by the European Parliament to the anti-money laundering rule for commercial crypto payments has stirred Europe’s digital asset industry. Policymakers hope that they can close a loophole for untraceable transactions by prohibiting payments over a €1,000 ($1,070) threshold from unregulated crypto payment services providers operating in the European Union. The industry, however, worries this addition may stray from the regulatory path already outlined in finalized bills — like the soon-to-be-enforced Markets in Crypto-Assets and the Transfer of Funds Regulation — or hinder innovation in the decentralized finance sector. With just one week left before the Parliament cements its version of the anti-money laundering regulation bill in a joint committee vote on March 28, policymakers are working to tweak the language while the crypto industry has mobilized to take a stance. A group of MEPs leading the negotiations on the Parliament’s draft are meeting this week.