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

The digital assets industry had raised concerns about the bill, prompting policymakers 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), should limit the value of transactions that merchants can accept unless the owner of the cryptocurrency wallet is fully identified.

An earlier version of the regulation stipulated that only transfers over 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 on the move away from existing regulatory frameworks and the potential impediment to DeFi innovation.

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The updated bill caps cash transactions at €7,000 for commercial payments, while maintaining a €1,000 limit for cryptocurrency transactions with self-hosted wallets.

Exceptions to the €7,000 cash limit are allowed for person-to-person payments, excluding transactions involving real estate, luxury goods or deposits with financial institutions.

The revised draft stipulates that transaction caps for self-hosted addresses will only apply if the “customer or beneficial owner of such self-hosted addresses can be identified”.

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MEPs have included a directive for the European Commission to reassess commercial payments rules in three years to align with regulations such as the European Union’s framework for digital identities and recently proposed anti-money laundering agency requirements.

The text of the bill is expected to be approved by a vote in Parliament’s Civil Liberties, Justice and Home Affairs Committee…