Crypto Recitals | EU Transfer of Funds Regulation

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank ( OJ C 68, 9.2.2022, p. 2.),
Having regard to the opinion of the European Economic and Social Committee ( OJ C 152, 6.4.2022, p. 89.),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:

Recital 1 Regulation (EU) 2015/847 of the European Parliament

Recital 2 Regulation (EU) 2015/847 was adopted to ensure

Recital 3 Given that Regulation (EU) 2015/847 currently only

Recital 4 Flows of illicit money through transfers of

Recital 5 In order to facilitate their criminal activities,

Recital 6 By reason of the scale of the

Recital 7 In order to foster a coherent approach

Recital 8 Their global reach, the speed at which

Recital 9 Directive (EU) 2015/849 of the European Parliament

Recital 10 The definition of crypto-assets in Regulation (EU)

Recital 11 The implementation and enforcement of this Regulation

Recital 12 This Regulation is not intended to impose

Recital 13 The Union’s Revised Strategy on Terrorist Financing

Recital 14 In addition, the Commission in its communication

Recital 15 In order to prevent terrorist financing, measures

Recital 16 The traceability of transfers of funds and

Recital 17 Certain transfers of crypto-assets entail specific high-risk

Recital 18 This Regulation should apply without prejudice to

Recital 19 The processing of personal data under this

Recital 20 Persons that merely convert paper documents into

Recital 21 Persons that provide only ancillary infrastructure, such

Recital 22 This Regulation should not apply to person-to-person

Recital 23 Transfers of funds corresponding to services referred

Recital 24 Crypto-assets that are unique and not fungible

Recital 25 Crypto-asset automated teller machines (the ‘crypto-ATMs’) can

Recital 26 In order to reflect the special characteristics

Recital 27 Due to the inherent borderless nature and

Recital 28 Payment service providers and crypto-asset service providers

Recital 29 In order not to impair the efficiency

Recital 30 Compared to transfers of funds, transfers of

Recital 31 For transfers of funds or for transfers

Recital 32 In view of the Union legislative acts

Recital 33 In order to allow the authorities responsible

Recital 34 Crypto-assets exist in a borderless virtual reality

Recital 35 The Member State authorities responsible for combating

Recital 36 The crypto-asset service provider of the originator

Recital 37 The crypto-asset service provider of the originator

Recital 38 Regarding transfers of crypto-assets, the requirements of

Recital 39 In the case of a transfer to

Recital 40 As regards transfers of funds from a

Recital 41 As regards batch file transfers of crypto-assets,

Recital 42 In order to check whether the required

Recital 43 As regards transfers of crypto-assets, the crypto-asset

Recital 44 Given the potential threat of money laundering

Recital 45 Crypto-asset service providers, like all obliged entities,

Recital 46 This Regulation should be reviewed in the

Recital 47 When assessing the risks, the payment service

Recital 48 Similar to transfers of funds between payment

Recital 49 The provisions on transfers of funds and

Recital 50 In order to ensure technology neutrality, this

Recital 51 With the aim of assisting payment service

Recital 52 To enable prompt action to be taken

Recital 53 The number of working days elapsing in

Recital 54 As it may not be possible in

Recital 55 In order to improve compliance with this

Recital 56 In order to ensure uniform conditions for

Recital 57 A number of countries and territories which

Recital 58 Given the potential high risks associated with,

Recital 59 At present, Directive (EU) 2015/849 only applies

Recital 60 Relationships established between crypto-asset service providers and

Recital 61 Regulation (EU) 2023/1114 has established a comprehensive

Recital 62 Since the objectives of this Regulation, namely

Recital 63 This Regulation is subject to Regulation (EU)

Recital 64 In order to ensure consistency with Regulation

Recital 65 The European Data Protection Supervisor was consulted