The European Parliament is re-examining the wording of the controversial cryptocurrency money laundering bill

EU Parliament officials will meet on March 28 to vote on the wording of an anti-money laundering bill.

The digital assets industry had expressed concerns about the bill, prompting politicians to revert to the original wording regarding commercial payments, The Block reported.

A provision in the bill, added by Members of the European Parliament (MEPs), was intended to limit the value of transactions merchants can accept unless the owner of the cryptocurrency wallet is fully identified.

An earlier version of the regulation stipulated that only transfers exceeding the equivalent of €1,000 (US$1,090) from EU-licensed cryptocurrency service providers would be allowed – a bone of contention for the European digital asset industry.

Industry concerns centered around the departure from existing regulations and the potential hindrance to DeFi innovation.

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The updated bill limits cash transactions to €7,000 for commercial payments, while maintaining a €1,000 limit for cryptocurrency transactions involving self-hosted wallets.

Exemptions from the €7,000 cash limit are allowed for person-to-person payments, blocking transactions involving real estate, luxury goods or deposits in financial institutions.

The revised draft states that transaction restrictions apply to self-hosted addresses only if “the customer or the beneficial owner of such self-hosted addresses can be identified.”

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MEPs have included a directive for the European Commission to review the commercial payments rule in three years, to align with regulations such as the EU’s digital identity framework and the requirements of the recently proposed Anti-Money Laundering Authority.

The bill’s text is expected to be approved by a vote in parliament’s civil liberties, justice and home affairs and economic and monetary affairs committees, which oversaw the negotiations.

After this, the bill must pass a plenary vote before entering inter-institutional discussions, which could provide an opportunity to return to commercial payment requirements for cryptocurrency.

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