Read

<p class="is-style-lead">In a consultation paper released on Nov. 24, the European Banking Authority (EBA), an EU agency tasked with implementing a standard set of rules to regulate banking across all EU countries, highlights that existing regulations governing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards compliance for crypto providers are inadequate.&nbsp;</p>
<p>The EBA has since invited interested parties to provide comments until Feb. 26.</p>
<h2 class="wp-block-heading" id="the-proposal-in-effect">The proposal, in effect</h2>
<p>As stated in the Executive Summary,&nbsp;<a href="https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Consultations/2024/Consultation%20on%20Guidelines%20on%20preventing%20the%20abuse%20of%20funds%20and%20certain%20crypto-assets%20transfers%20for%20ML-TF%20%28Travel%20rule%20Guidelines%29/1063898/Consultation%20paper%20on%20draft%20travel%20rule%20Guidelines%20under%20Regulation%20%28EU%29%202023_1113.pdf" target="_blank" rel="noopener noreferrer nofollow">the paper</a>&nbsp;comes as bid to enhance measures for detecting missing or incomplete information on the payer or payee; the EBA is suggesting the repeal of the 2017 Joint European Supervisory Authorities (ESAs) Guidelines under Article 25 of Regulation (EU) 2015/847. This move aims to streamline procedures and better manage fund transfers lacking essential information within the regulatory framework.</p>
<p>Worth noting is that in section four of the consultation paper, labeled “Preventing the Abuse of Funds and Certain Crypto-Assets Transfers,” Crypto Asset Service Providers (CASPs) will now be mandated to obtain and maintain information on self-hosted addresses. Furthermore, the rules require CASPs to ensure individual identification of crypto asset transfers and verify ownership or control of the address by the CASP customer.</p>
<p>These stipulations would come into effect when the transfer amount from a self-hosted account surpasses 1,000 euros, although the EBA does not specify whether this threshold is on a monthly, daily, or one-time basis.</p>
<p>You might also like: <a href="https://crypto.news/europe-calls-on-non-eu-nations-to-tighten-crypto-regulation/" rel="noopener noreferrer nofollow"> Europe calls on non-EU nations to tighten crypto regulation </a></p>
<h2 class="wp-block-heading" id="steps-toward-regulation">Steps toward regulation</h2>
<p>This news comes just two months after&nbsp;<a href="https://crypto.news/european-lawmakers-approve-crypto-tax-regulatory-initiative/" target="_blank" rel="noopener noreferrer nofollow">European lawmakers</a>&nbsp;endorsed the DAC8 directive on Sept. 13, with 535 votes in favor, to empower tax authorities to oversee and regulate cryptocurrency transactions across the EU.</p>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"><iframe title="Regulating Crypto in the UK and EU | Bloomberg Crypto" width="1020" height="574" src="https://www.youtube.com/embed/JyD-QWi2jkQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
 </div>
</figure>
<p>Together, this marks another step in providing comprehensive monitoring capabilities for transactions conducted by individuals and companies within the region, in what may be leading steps for the industry as a whole.</p>
<p>Read more: <a href="https://crypto.news/ukraine-declares-intention-to-adopt-europes-mica-regulations/" rel="noopener noreferrer nofollow"> Ukraine declares intention to adopt Europe’s MiCA regulations </a></p>

European Banking Authority proposes overhaul of AML, CFT rules for crypto providers

목차

crypto.news

2023년 11월 24일에 게재된 다른 기사

$GFOX, $PEPE, $LINK and $MATIC – Which Will Make You a Millionaire Faster?

Hong Kong SFC Wary of Binance’s License Amid Regulatory Pressures

AI Paralegal ‘Lawrence’ Passes SQE Part One Examination

Ethereum 2030: Global Web3 Leaders Explore Innovation Amid Devconnect

opBNB’s GameFi Odyssey: Unveiling the Game-Changing Dynamics of BNB Chain’s L2

GAS Price Surges 14%; Is Upmove in Gas Crypto Price Sustainable?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!