According to lawmakers, NFT platforms should be checked for money laundering in the EU
NFT trading platforms must comply with European Union anti-money laundering (AML) laws, members of the European Parliament said in proposed amendments to the legislation published on Monday.
Lawmakers from the Green Party and representatives of the Socialists also seem to favor the inclusion of self-managed cryptocurrencies and decentralized finance in accordance with the proposed money laundering regulation.
Just last week, the bloc temporarily agreed on new laws designed to license crypto companies, known as the Regulation on Crypto Asset Markets (MiCA), and the introduction of identity checks on transactions. But the European Commission is keen to leave detailed money laundering procedures for a broader review that also covers sectors such as banking.
The amendment to these laundering laws, proposed by Ernest Urtasun and Kira Marie Peter-Hansen, along with socialists Aurora Laluk and Csaba Molnar, aims to make platforms NFT - anyone who acts as an intermediary for the import, minting or trading of assets This would mean that companies such as OpenSea may have to assess the risk of illegal financing through their systems, and conduct identity verification of new customers and suspicious transactions on a par with what other organizations do, such as banks, real estate agents, art traders and other crypto traders.
Further amendments by Urtasun, Peter-Hansen, Laluk and Dutch legislator Paul Tang are also aimed at using the law to impose checks on the laundering of decentralized autonomous organizations (DAO) and "unplaced wallets" that are not managed by any regulated crypto provider. The attempt to do this through MiCA and a parallel set of rules known as the regulation of the transfer of funds was largely abandoned due to opposition from the governments of EU member states.
Another change proposed by Gunnar Beck of the right-wing Alternative for Germany party is aimed at protecting cryptocurrencies from the consequences of the law, stating that they "allow people to diversify their portfolio and protect themselves from the risks of euro inflation caused by the European Central Bank." The EU is seeking to review its money laundering framework, including by creating a new creditor control agency, following a string of scandals in the conventional financial sector involving the likes of Denmark's Danske Bank and Pilatus Bank in Malta.
https://coin-signal.com/cryptonews/according-to-lawmakers-nft-platforms-should-be-checked-for-money-laundering-in-the-eu-8/
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