{"id":88735,"date":"2023-11-25T15:08:26","date_gmt":"2023-11-25T20:08:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/european-banking-authority-calls-for-enhanced-anti-money-laundering-rules-for-crypto-providers-regulation-incoming\/"},"modified":"2023-11-25T15:08:27","modified_gmt":"2023-11-25T20:08:27","slug":"european-banking-authority-calls-for-enhanced-anti-money-laundering-rules-for-crypto-providers-regulation-incoming","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88735","title":{"rendered":"European Banking Authority Calls for Enhanced Anti-Money Laundering Rules for Crypto Providers \u2013 Regulation Incoming?"},"content":{"rendered":"<div>\n<figure id=\"attachment_136231\" aria-describedby=\"caption-attachment-136231\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-136231\" class=\"wp-caption-text\">Source: AdobeStock \/ rarrarorro<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The European Banking Authority (EBA) aims to update the Anti-Money Laundering and Combatting the Financing of Terrorism (AML\/CFT) rules for crypto providers.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><span data-preserver-spaces=\"true\">consultation paper released on November 24<\/span><span data-preserver-spaces=\"true\">, the banking regulator of the European Union acknowledged that current EU regulations lack the necessary teeth to ensure compliance with AML\/CFT standards in the crypto industry.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Interested parties have until February 26, 2024, to provide their input on the proposed guidelines.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The EBA\u2019s proposals include the integration of AML\/CFT criteria for payment service providers and crypto asset service providers (CASPs).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The goal is to streamline regulations and promote interoperability among these entities.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">By enhancing the interoperability of their protocols, CASPs will be required to \u201cenable the transmission of information in a seamless and interoperable manner.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, the new rules would mandate CASPs to obtain and retain information on self-hosted addresses.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">They would also need to ensure the traceability of crypto asset transfers by verifying the ownership or control of the addresses held by their customers.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Although the EBA does not specify the frequency, the requirements would be triggered when the transfer amount from the self-hosted account exceeds \u20ac1,000.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Assuming the consultation process proceeds smoothly, the updated guidelines are expected to take effect on December 30, 2024.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The new consultation paper comes after the\u00a0<\/span><span data-preserver-spaces=\"true\">EBA released another paper in October<\/span><span data-preserver-spaces=\"true\">, which assessed the suitability of management body members and stakeholders in issuers of asset-referenced tokens and CASPs.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In July, the EBA also\u00a0<\/span><span data-preserver-spaces=\"true\">encouraged stablecoin issuers<\/span><span data-preserver-spaces=\"true\">\u00a0to voluntarily comply with specific guiding principles related to risk management and consumer protection.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">EU Issues Draft Regulations for Stablecoin Issuers<\/span><\/strong><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">In other major crypto regulation news, the EU has recently moved forward with fortifying regulations for stablecoin (fiat-pegged) cryptos.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">By ensuring\u00a0<\/span><span data-preserver-spaces=\"true\">stablecoin reserves<\/span><span data-preserver-spaces=\"true\">\u00a0can readily be monetized, and requiring issuers to enact robust liquidity monitoring procedures, the EU aims to address asset-backing and stability risks.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last month, the EU also adopted the Eighth Directive on Administrative Cooperation (DAC8), a new guideline for crypto-asset service providers to report certain information about their clients\u2019 transactions to the tax authorities of the EU member states in which the clients reside.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The directive is set to go into force in 2024.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The European Commission emphasized that DAC8\u2019s crypto provisions are designed to work in conjunction with the recently finalized\u00a0<\/span><span data-preserver-spaces=\"true\">MiCA<\/span><span data-preserver-spaces=\"true\">\u00a0and anti-money laundering rules established under the Transfer of Funds Regulation (TFR).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Under MiCA, cryptocurrency companies and exchanges are obliged to obtain licenses for operating within the European Union. Additionally, the regulation mandates that issuers of stablecoins maintain appropriate reserves to ensure their stability and security.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/european-banking-authority-calls-for-enhanced-anti-money-laundering-rules-for-crypto-providers-regulation-incoming.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ rarrarorro The European Banking Authority (EBA) aims to update the Anti-Money Laundering and Combatting the Financing of Terrorism (AML\/CFT) rules for crypto providers.\u00a0 In a\u00a0consultation paper released on November 24, the banking regulator of the European Union acknowledged that current EU regulations lack the necessary teeth to ensure compliance with AML\/CFT standards [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":88736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>European Banking Authority Calls for Enhanced Anti-Money Laundering Rules for Crypto Providers \u2013 Regulation Incoming? 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