Since 30 July 2023, the European Banking Authority (EBA) has been expanding its regulatory scope under Regulation (EU) 1113/XXXX to include cryptocurrency service providers and intermediaries.
Key aspects:
– EU cryptocurrency exchanges must report information on fund and cryptocurrency transfers to comply with the European Union’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) framework set out in the Markets in Crypto-assets Regulation (MiCA).
Effective from 30 July X, cryptocurrency exchanges and service providers must adhere to new anti-money laundering and counter-terrorism financing requirements.
Payment Service Providers (PSPs) and Centralized Asset Service Providers (CASPs) have a two-month grace period to comply.
Providers must collect user information, identify the purpose of transactions, and detect related transfers.
Despite initial financial burdens, EBA expects long-term benefits.
Additionally, the Cardano Foundation has introduced network sustainability metrics compliant with MiCA regulations, emphasizing energy efficiency and carbon footprint reduction.
