By extending the scope of its existing measures to cover crypto, the European Banking Authority (EBA) 'harmonizes the approach' that crypto asset service providers (CASP) across the EU should adopt to combat financial crime, it said in a press statement.
The risks of this happening can be increased, for example because of the speed of crypto-asset transfers or because some products contain features that hide the user's identity. Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them,' the statement said.
Competent authorities have to report whether they comply with the new guidelines within two months of publishing the guidelines translated into the official EU languages. The guidelines will apply from Dec.30, around the time when MiCA takes full effect.
#european-banking-authority #crypto-firms #anti-money-laundering #terrorist-financing #financial-crime #crypto-asset-service-providers #risks #guidelines #transfer-of-funds #digital-assets #compliance
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