From 30th October 2023, the European Banking Authority (EBA) is expanding its regulatory scope under Regulation (EU) 1113/XNUMX to include cryptocurrency service providers and intermediaries.
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to report information on fund transfers and crypto assets, bringing them into compliance with the Union’s framework for combating money laundering (AML) and countering the financing of terrorism (CFT), as defined in the Markets in Crypto Assets Regulation (MiCA).
Key aspects:
From 30th December, crypto exchanges and service providers must adhere to new anti-money laundering and counter-terrorism financing requirements.
Payment service providers (PSPs) and intermediaries (CASP) have a two-month grace period to comply with the requirements.
Providers must collect user information, identify transaction purposes, and detect related transfers.
EBA expects long-term benefits despite initial financial burden.
In addition, the Cardano Foundation introduced network sustainability metrics aligned with MiCA provisions, emphasizing energy efficiency and reduced carbon footprint.
