cryptoshitcompra.com/wp-content/uploads/2021/08/La-Comision-Europea-explora-la-opcion-de-registro-de-activos.jpeg »alt =» European Commission explores the option of registering assets that could include Crypto 101 ″ class = »content-img» /> Source: AdobeStock / Sergey Kelin
As part of the EU’s war against money laundering (AML) and tax evasion, the European Commission (EC) is investigating an EU Asset Register and has recently launched a tender for a feasibility study of such a register, which will investigate the possibility of also listing cryptocurrencies owned by citizens of EU Member States.
In published documentation, the Commission states that it considers data collection and interconnection of registers to be a key tool in European legislation to speed up access of authorities to financial information and improve cross-border cooperation.
“This project will explore various information gathering possibilities to create a resource register that could then feed into a future policy initiative,” the EC said. It will examine ways to ‘collect and link the information available from various sources on the ownership of assets (eg property registers, business registers, trust and foundation registers, central securities depositories, etc.) and analyze the design, scope and challenges of such a Union asset register ‘.
study will also evaluate the possibility of entering data related to the ownership of other assets in the registry. se assets must include cryptocurrencies, artwork, real estate and precious metals such as gold, according to the tender documentation.
Ellen Timmer, a lawyer for a Dutch law firm Pellicano Lawyer , has published a critical analysis of the tender documentation, arguing that the EC was mulling plans to “create a new expensive bureaucracy in addition to other registries.”
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For the timer,
“It is not explained why the current records are not improved first. It is not explained why the asset registers maintained by the tax authorities are insufficient and what additional value is expected from the new merchandise register ”.
Counsel also noted that the tender documentation does not take into account the fact that, in many situations, the ‘beneficial owner’ (BO) under anti-money laundering law is not the ‘beneficial owner’ under tax law . ” two BO concepts are knowingly confused, to the detriment of BOs that have no financial interest in the entities,” said Timmer.
He also noted that it appeared that the private sector would play no role in the next feasibility study.
” study will be based solely on government information and those facing inappropriate European plans will not be consulted,” he concluded.
According to the documentation, the study is worth around 400,000 EUR (470,000 USD). Entities wishing to participate in the tender must submit their applications before October 1 and the contests will open on October 4. A contract must be signed with the selected bidder for a period of 15 months.
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