On 10th October 2022, the ECON-LIBE Joint Committee voted on the provisional agreement resulting from the interinstitutional negotiations (trilogues) on the Regulation on information accompanying transfers of funds and certain crypto-assets (TFR).
The necessary quorum for the vote was reached, and the provisional agreement was adopted. In terms of next steps, the version of the text adopted needs now to be approved by the European Parliament in a plenary session. The date for the plenary session is still to be determined. After the plenary vote, the text will be published in the Official Journal of the European Union.
Compared to early versions of the proposal, the final draft carries some improvements for the European crypto industry. Some of these improvements directly reflect the demands of the Blockchain and Virtual Currencies Working Group (BVC WG).
Key improvements include changes to Article 2.4 about person-to-person (P2P) transfers of crypto-assets carried out without the involvement of a CASP, the definition of P2P transfers under Article 3, the changes made to Article 14.
The text of the TFR can be found here.
