Ms Brenda McVeigh:

Everybody is aware of the alleged higher risk for money laundering in terrorist financing that there is in relation to crypto transfers. A regulation, called the markets in crypto assets, MiCA, regulation, is in trilogues at the moment. It is about to be adopted. It sets out a supervisory regime for the transfer of crypto assets. There is no question about it - we have raised this repeatedly at EU level and we have regular discussions with the bank about it - but it is virtually impossible to screen adequately for crypto transfers. By its very nature crytpo is not supposed to indicate that anything is particularly secretive, but it is meant to indicate that it is confidential. That is the distinction that those who trade in crypto try to make. That means that by its nature it is difficult to regulate. The MiCA regulation will try to bring some regulatory and supervisory framework for those types of transfers. The question of how exactly we can bring some level of transparency to crypto comes up daily in the EU negotiations, although it flies in the face of what crypto is about.