<div class="cryptonews">
 <p class="is-style-lead">The European Banking Authority (EBA) is proposing testing to see if tensions in non-bank financial institutions (NBFIs), including <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency-related <a rel="noopener noreferrer nofollow" title="entities" href="https://thebittimes.com/tag/entities.html">entities</a>, will impact lenders.</p>
 <p>According to the Financial Times, EBA chairman José Manuel Campa expressed concern about the need to “deepen the links between banks and other financial firms.”</p>
 <blockquote class="wp-block-quote">
  <p>“We should be doing more, and we will be doing more. We need to have an understanding of the whole underlying chain in NBFIs.”</p> <cite>José Manuel Campa, EBA chairman </cite>
 </blockquote>
 <p>The EBA has already taken some action to address the role that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency could play in stressing the system. Last November, the regulator&nbsp;published draft rules on liquidity and capital requirements for stablecoin issuers&nbsp;under the EU’s new Markets in Crypto-Assets (MiCA) regulation.</p>
 <p>The EBA has also proposed rules requiring individuals with a stake of more than 10% in a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> company&nbsp;to be screened for convictions or sanctions&nbsp;and directing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> companies to monitor customers using privacy coins or self-hosted wallets to identify potential money laundering.</p>
 <p>The EBA’s latest initiatives are directly linked to the adoption of MiCA last spring. 27 EU member countries unanimously supported the bill. The document introduces institutional regulation of the issuance of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies and establishes a uniform legal regime for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>companies in the European Union. The EU began work on a package of regulatory acts back in 2020. The law will officially come into force 20 days after publication, but the rules for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchange will only begin to apply in December 2024.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/eu-banking-watchdog-to-probe-links-between-banks-and-crypto-entities-tbt75445.html">https://thebittimes.com/eu-banking-watchdog-to-probe-links-between-banks-and-crypto-entities-tbt75445.html</a></p>

EU banking watchdog to probe links between banks and crypto entities

TheBitTimes

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