European Commission to Negotiate Scope of NFTs & Private Wallets in Crypto Regulation

Richard Marley
June 29, 2022
2 minutes read
874

Members of the EU Parliament, the European Commission, and state representatives are all set to negotiate the scope of Markets in Crypto Assets regulations (MiCA).

As per reports from CoinDesk, the meeting is expected to take place this week on Wednesday and Thursday.

The meetings will take place a week before the EU Parliament hosts the last plenary session before the summer recess and a few days before France hands the presidency of the EU Council over to the Czech Republic.

Many lawmakers, and especially the French government, which has been pushing for the adoption of MiCA during its term, are hopeful that the parties will reach an agreement on several issues during these meetings.

There are several topics to be discussed about MiCA, but talks this week are likely to focus on two issues: how to treat non-fungible tokens (NFTs) and the private use of unhosted wallets.

On Wednesday, EU negotiations will talk about anti-money laundering provisions in the so-called “travel rule” for crypto assets. The EU Parliament approved in March a proposal that increased the information requirements that crypto asset providers will need to collect and share for each transaction, regardless of the amount transferred.

There is still room for changes, if needed, as the EU parliament approved its negotiating position with the other institutions, but parliament and council could still amend the legal text. This could include the application of the travel rule to wallet providers as well as crypto exchanges, which may be part of the conversation this week.

The main issue to be resolved is how to treat transfers made to and from “unhosted wallets,” which are private means of storing crypto assets that aren’t managed by a regulated service provider.

Proponents say that the final text will uphold the principle of verifying customer identity, but this approach presents challenges. Other details to discuss may be the monetary threshold that would trigger reporting, which could differ from that of other crypto exchanges, and if the details of both sender and receiver should be disclosed or only one of them.

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

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Keeping their credentials almost identical to the official company’s details, they send emails to job-seekers or post fake jobs. As soon as interested candidates apply, they conduct interviews to get sensitive information about candidates through telephonic or on-site interviews.

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In some cases, the scammers even seek money from the candidates in the name of background checks or certifications which directly cost them financial losses. In the US alone, users lost $86 million due to fake job opportunities posted on the internet.

Spotting the Signs of Recruitment Fraud

Recruitment fraud is the most unfortunate part of modern job hunting, where criminals prey upon candidates’ eagerness to find work for their living by creating scam job opportunities.

Here are a few signs that can help job seekers spot fraudulent elements during the recruitment process:

Legitimate hiring managers and employers never ask applicants to make any financial transaction in their personal or company account. Always say No to any person who is asking you to send money for any recruitment purpose.

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How Shufti Pro can Help

With transforming technologies, the overall market is growing to produce more job opportunities for interested candidates. As per the surveys, this number is expected to grow in the coming years, increasing recruitment fraud risks.

Through talent acquisition scams, criminals not only defraud job seekers but also damage the reputation of established companies. So it is in their higher interest to find and implement a credible solution that efficiently mitigates the risks of stolen identity or credentials.

Shufti Pro’s identity verification services present an ideal option to counter this problem through its advanced identification features, including document authentication, facial recognition and address verification.

Want to learn more about identity verification services for eliminating recruitment fraud?

Connect with a KYC Expert

European Commission to Negotiate Scope of NFTs & Private Wallets in Crypto Regulation

How Much Have Australians Lost to Scams?

How do Online Recruiting Scams Work?

Spotting the Signs of Recruitment Fraud

High Profile Criminal Cases of Recruitment Fraud

1. Europol Arrested a Gang Involved in €20 Million Employment Fraud

2. Hampton Gang Member Convicted for Pandemic Employment Fraud

Talent Acquisition Fraud and the Role of Law Enforcement Authorities

1. FBI Issued Instructions to Avoid Employment Scam

2. UK Government – Raising Awareness of Employment Scams

How Shufti Pro can Help

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Let’s prove your customer’s

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