Story by Siôn Geschwindt
The EU Parliament agreed last week on the world’s first comprehensive set of rules to regulate the transfer of cryptocurrencies like Bitcoin, as it looks to crack down on money laundering and illegal transfers in the bloc.
From 2024, all crypto transfers, regardless of amount, will be covered by the so-called ‘travel rule’ — information on the source of the asset and its beneficiary will have to travel with the transaction and be stored on both sides of the transfer.
The regulation requires firms that want to issue, trade, and safeguard crypto-assets, tokenised assets, and stablecoins in the 27-country bloc to obtain a licence.
“Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of the crypto industry for the purposes of money laundering and financing of terrorism,” said Swedish finance minister Elisabeth Svantesson.
MiCA — as the new regulation is known — is designed to ensure that crypto transfers within the EU can be traced in much the same way as ordinary bank transfers. Furthermore, they are meant to protect investors by increasing transparency and putting in place a comprehensive framework for issuers and service providers including compliance with the anti-money laundering rules.
The new rules also require crypto-asset service providers to share mandatory information with tax authorities through an automatic exchange. However, they do not apply to person-to-person transfers conducted without a provider or among providers acting on their own behalf.
Additionally, the European Securities and Markets Authority (ESMA) will be given powers to step in and ban or restrict crypto platforms if they are seen to not properly protect investors, or threaten market integrity or financial stability.
Cryptocurrencies like Bitcoin trace transactions via a blockchain record. While all transactions are recorded in a publicly-accessible ledger, they can only be traced back to a user’s public key, not their real-world personal information. This pseudo-anonymity is what drew many to invest in crypto in the first place, but it poses a number of risks.
目前，在处理加密资产时，人们不受欧盟消费者保护规则的保护，并有赔钱的风险。此外，欧盟担心加密货币的广泛使用可能会导致金融不稳定、市场操纵和金融犯罪。
根据提供区块链技术数据的平台 Chainalysis的数据，到 2022 年，非法获得的加密货币或供团体或个人用于非法目的（包括恐怖主义和人口贩运）的金额略高于 200 亿美元。
该技术还使用大量电力：比特币的能源消耗估计相当于一个小国家的能源消耗。
“世界上第一个全面的加密货币规则”
So far, policies worldwide have ranged from ignoring to fully banning the use of cryptocurrencies. The UK has outlined a phased approach, starting with stablecoins and broadening out to other crypto-assets later on, but there is no firm timeframe. Meanwhile, the US has taken somewhat of a ‘case by case’ approach to the matter like prosecuting individuals or working to recover ransomed funds.
In a departure from the global trend, MiCA is slated to be the world’s first comprehensive set of rules to regulate crypto-assets. This is part of a package of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing rules, presented by the Commission in 2021. The package also includes a proposal to create a new EU authority to fight money laundering.
MiCA also addresses environmental concerns surrounding crypto, with firms forced to disclose their energy consumption as well as the impact of digital assets on the environment.
Rather than scaring away crypto firms, MiCA is expected to attract both startups and prominent businesses, setting the stage for more healthy competition.
据路透社报道，加密货币公司表示他们欢迎“监管的确定性”，向各国施加压力以复制欧盟规则，并向监管机构施加压力以制定跨境活动的全球规范。
澳大利亚加密资产公司 Banxa 的合规总监 Brinda Paul告诉CryptoPotato，他相信 MiCA“为消费者保护设定了高标准”，这将创造一个更可靠和值得信赖的加密市场，并“让客户受益匪浅”。
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