🚀 Crypto News: EBA Proposes Central Contact Points for Crypto-Asset Providers to Strengthen AML/CFT Compliance
#EBA #CryptoAssets #AML #CFT #RegulatoryStandards #PublicConsultation #CASPs #Compliance #EURegulations #FinancialSupervision #AntiMoneyLaundering #CounterTerrorismFinancing #VirtualHearing #StakeholderEngagement
The European Banking Authority (EBA) has launched a public consultation on draft Regulatory Technical Standards (RTS) aimed at bolstering anti-money laundering (AML) and counter-terrorism financing (CFT) compliance among crypto-asset service providers (CASPs) operating in the European Union. The consultation, open until February 4, 2025, seeks feedback on the criteria for appointing central contact points (CCPs) to ensure compliance with host Member State regulations.Addressing Supervision Challenges for CASPsCASPs often provide services across Member States through establishments other than branches, creating challenges for AML/CFT supervision. These establishments, while not always classified as “obliged entities,” must adhere to local AML/CFT rules. The EBA’s draft RTS outlines the criteria for determining when a CCP is necessary and specifies their responsibilities.To align CASPs with existing frameworks for electronic money issuers (EMIs) and payment service providers (PSPs), the EBA proposes extending the structure of the Commission Delegated Regulation (EU) 2018/1108 to CASPs. Additional provisions are being introduced to address the unique operational models of CASPs.Consultation Process and Public HearingThe EBA invites stakeholders to submit comments via its consultation page by February 4, 2025. A virtual public hearing will be held on January 16, 2024, from 15:00 to 17:00 CET. Interested participants must register by January 3, 2024. Feedback collected will be published unless confidentiality is requested.Regulatory Background and Next StepsThe initiative builds on Article 45(10) of Directive (EU) 2015/849, which mandates the development of RTS for determining when and how CCPs should be appointed. Regulation (EU) 2023/1113, effective December 30, 2024, extends AML/CFT requirements to CASPs, necessitating updates to the existing Commission Delegated Regulation (EU) 2018/1108.The proposed RTS aims to provide clarity and strengthen regulatory oversight, ensuring that CASPs operate within robust AML/CFT frameworks across Member States.#EBA #CryptoAssets #AML #CFT #RegulatoryStandards #PublicConsultation #CASPs #Compliance #EURegulations #FinancialSupervision #AntiMoneyLaundering #CounterTerrorismFinancing #VirtualHearing #StakeholderEngagement
🚀 European Central Bank Supports EU's Financial Regulatory Reform
#EuropeanCentralBank #EU #FinancialRegulation #ECB #EuropeanCommission #ESMA #CryptoAssets #CapitalMarkets #InternationalCompetitiveness #CASPs #RegulatoryReform
The European Central Bank (ECB) has expressed its support for the European Commission's proposal to centralize financial regulation. According to Odaily, the plan aims to transfer the regulatory authority of cross-border financial institutions, including crypto asset service providers (CASPs), from national regulators to the European Securities and Markets Authority (ESMA). This move is intended to deepen the integration of the EU capital markets and enhance international competitiveness. The ECB emphasized the need for ESMA to be adequately staffed and funded, while minimizing market disruptions during the regulatory transition.#EuropeanCentralBank #EU #FinancialRegulation #ECB #EuropeanCommission #ESMA #CryptoAssets #CapitalMarkets #InternationalCompetitiveness #CASPs #RegulatoryReform
🚀 ECB Supports ESMA Oversight of Major Cross-Border Financial Firms
#ECB #ESMA #EuropeanCommission #CrossBorderFinance #CryptoAssets #MiCA #FinancialRegulation #EUParliament #CASPs
The European Central Bank (ECB) has expressed its support for a European Commission proposal to grant the Paris-based European Securities and Markets Authority (ESMA) direct oversight of significant cross-border financial firms, including large crypto asset service providers. According to NS3.AI, this move marks a shift from the current Markets in Crypto-Assets (MiCA) framework, where national regulators are responsible for supervising crypto asset service providers (CASPs), while ESMA primarily plays a coordinating role. Although the ECB's opinion is non-binding, the proposal will now proceed to negotiations among EU member states and the European Parliament.#ECB #ESMA #EuropeanCommission #CrossBorderFinance #CryptoAssets #MiCA #FinancialRegulation #EUParliament #CASPs
🚀 EU Proposes Regulatory Shift for Cross-Border Institutions
#EU #regulatoryshift #crossborderinstitutions #ESMA #CryptoAssetServiceProviders #CASPs #MiCA #cryptoregulation #EUcrypto
The European Union is considering a significant change in its regulatory framework for cross-border institutions. According to ChainCatcher, the proposal suggests transferring regulatory authority from national supervisory bodies to the European Securities and Markets Authority (ESMA). This shift would affect large Crypto Asset Service Providers (CASPs), trading venues, central counterparties, and central securities depositories.
This proposal marks the most substantial structural adjustment in the EU's crypto regulatory framework since the Markets in Crypto-Assets Regulation (MiCA) was fully implemented for CASPs at the end of 2024. Under the current MiCA framework, national authorities serve as the primary regulators, while ESMA plays a coordinating role.#EU #regulatoryshift #crossborderinstitutions #ESMA #CryptoAssetServiceProviders #CASPs #MiCA #cryptoregulation #EUcrypto