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ZEC $1,120 EU lawmakers push crypto risks onto Commission anti-corruption agenda
The European Parliament adopted a nonbinding resolution asking the European Commission to weigh crypto risks in its anti-corruption strategy.
Key takeaways
- The July vote count. The digital asset resolution passed with 390 votes in favour, 86 against and 134 abstentions.
- The strategy date. The Commission aims to adopt its anti-corruption strategy by the end of 2026.
- The directive timing. The EU anti-corruption directive, which the strategy complements, entered into force in May.
What happened
The European Parliament adopted a nonbinding resolution on Thursday, October 8. The text sets out Parliament's priorities for the European Commission's anti-corruption strategy.
Lawmakers want the Commission to weigh corruption risks that involve crypto assets, hard-to-trace ownership structures and digital tools in that strategy.
MEPs also sought stronger powers to trace criminal proceeds, freeze them, confiscate them and recover them.
The text calls for tighter supervision of public procurement, political financing and lobbying, plus better safeguards for whistleblowers and investigative journalists.
Why it matters
The strategy is meant to work alongside the EU's anti-corruption directive, which entered into force in May. That directive sets common definitions for corruption offenses and common minimum penalties across the bloc.
Parliament has already asked the Commission to examine parts of the digital asset market that MiCA did not fully address.
What the data shows
- The Commission's target date for adopting the strategy is the end of 2026.
- Parliament's digital asset resolution passed with 390 votes in favour, 86 against and 134 abstentions.
Background
- In July, Parliament sought a review of how MiCA should treat decentralized finance, staking, crypto lending and nonfungible tokens.
What is still unclear
- The resolution is nonbinding, so it did not create new limits on crypto transactions or immediate compliance duties for crypto businesses.
- Crypto assets, unclear ownership arrangements and digital technologies were flagged as areas that need attention.
Questions readers ask
What did EU lawmakers say about crypto and corruption?
Lawmakers urged the Commission to address corruption risks linked to crypto assets, opaque ownership structures and digital tools in the strategy. They also sought stronger powers to trace criminal proceeds, freeze and confiscate them, and recover the funds.
Does the EU resolution ban or restrict crypto transactions?
No. The text did not create new restrictions on crypto transactions, and it did not bring in immediate compliance requirements for crypto businesses.
When will the EU anti-corruption strategy be adopted?
The Commission plans to adopt its anti-corruption strategy by the end of 2026. That strategy is intended to complement the EU anti-corruption directive that entered into force in May.
How did Parliament vote on the earlier digital asset resolution?
The vote was 390 in favour, 86 against, with 134 abstentions.
