Search Results for: European Banking Authority

The European Banking Authority (EBA) has drafted rules, known as the Markets in Crypto Assets (MiCA), introducing additional requirements for stablecoin issuers. The regulations highlight potential systemic risks associated with asset-referenced tokens (ART) and e-money tokens (EMT). Measures include additional obligations, greater supervision by the EBA, and increased reserve requirements.

“The European Banking Authority is urging an early adaptation of guidelines for managing stablecoins, ahead of mandatory regulations due next year. This includes understanding and implementing the EU-approved MiCAR framework’s measures for good governance and consumer protection. These preemptive actions are designed to reduce potential risks and facilitate effective consumer protection in the rapidly evolving stablecoin market.”

The European Banking Authority (EBA) proposes expanding its money laundering and terrorist financing risk factor guidelines to include crypto-asset service providers (CASPs), emphasizing factors indicating higher or lower risk exposure. Associated risks include crypto-to-fiat exchanges, darknet activities, and crypto mining in high-risk jurisdictions. CASPs are urged to adjust their customer due diligence accordingly.

The European Banking Authority (EBA) warns crypto companies to be vigilant against money laundering activities involving privacy coins or self-hosted wallets. EBA seeks amendments to its risk guidelines for Crypto Asset Service Providers (CASPs) to establish common regulatory expectations and improve customer assessment.

European Banking Authority Chair José Manuel Campa calls for central bank veto powers over large stablecoins, citing concerns for financial stability and public policy. The upcoming Markets in Crypto Assets (MiCA) regulation sets guidelines and requirements for stablecoin issuers, including stringent authorization and supervision processes.

“The European Union’s upcoming Markets in Crypto Assets (MiCA) regulation has raised concerns about the potential delisting of all stablecoins in Europe by June 30. MiCA aims to streamline processes and enhance oversight. However, its provisions concerning stablecoins are causing apprehension, especially as they seem to contradict the aspirations of many issuers for decentralization.”

“Binance, a key cryptocurrency exchange, plans to delist all stablecoins for the European market by June 2024, in adherence to the Markets in Crypto Assets (MiCA) law. This move, expected to impact significantly on Europe’s market, reflects the potential disruptions regulatory changes can cause. Meanwhile, the U.S. resists implementing a Central Bank Digital Currency (CBDC), despite other countries’ pursuits of national digital currency.”

“Stablecoins potentially infringe on nations’ policy sovereignty and present more benefits to robust economies like the US and Europe. They pose an economic and socio-political challenge, and also risk amplifying the dollar’s power. International sentiment points towards a need for stricter stablecoin regulation to ensure financial stability.”

The European Securities and Markets Authority (ESMA) warns firms to register their crypto products as the Markets in Crypto-Assets Regulation (MiCA) is implemented across the EU. The warning highlights increasing regulatory measures to protect investors and maintain a stable environment for crypto assets, emphasizing the need to understand risks associated with unregulated products.

EBA Chair José Manuel Campa emphasizes the need for stablecoins to adhere to sensible guardrails, as central banks should have the right to veto if they threaten monetary policy or financial stability. MiCA’s introduction will regulate all crypto-related activities in the EU, ensuring stablecoin issuers comply with vital regulations while considering central banks’ role.

“Margarita Delgado, the deputy governor of the Spanish central bank, addressed the potential of the digital euro in enhancing cross-border payments, reducing business costs, and filling the absence of private payment service providers (PSPs) in Europe. She believes there can be a co-existence of the digital euro and private payment solutions, creating new opportunities for financial services by the private sector.”

CACEIS, the asset servicing branch of Crédit Agricole and Santander, has been registered by the French Financial Markets Authority to provide cryptocurrency custody services, joining major financial institutions like Societe Generale’s Forge and AXA Investment Managers under advanced crypto regulatory frameworks.

Binance launches a regulated digital asset platform in Kazakhstan amid regulatory troubles in the West. The platform offers crypto and fiat-focused services and aims to mitigate regulatory risks facing the exchange in the United States and Europe.

The U.S. SEC’s intention to freeze Binance.US’s assets faced a setback as Judge Amy Berman Jackson advised bilateral negotiations. Meanwhile, HKMA urges banks to accept crypto exchanges as clients, and the European Parliament passes the EU Artificial Intelligence Act, impacting governance of AI technologies.