EBA Outlines ML/TF Risk Guidelines for Crypto-Assets Sector

Key highlights from the document include:

• How the EU’s regulatory approach towards the sector has evolved over time, notably including the wider scope of crypto-asset service providers (CASPs) covered under the recently revised EU AML framework;
• The four key AML/CFT rules for CASPs, which apply from the end of 2024, which include new obligations under the Transfer of Funds Regulation (Travel Rule), and the obligation for CASPs and issuers of E-Money Tokens and Asset-Referenced Tokens to mitigate ML/TF risks and comply with applicable EU AML/CTF rules;
• A reminder that CASPs already subject to AML/CTF requirements continue to be subject to these requirements and any changes introduced while they benefit from the grandfathering regime in MiCA; and
• Links to the guidelines published by the EBA for supervisors and Firms aimed at enhancing their understanding of how the rules are to be applied.

✅ CASPs and EMT/ART Issuers with operations in the EU should review this summary to better understand the EBAs regulatory approach towards the sector. 

💡 As regulatory regimes tailored to the unique landscape of cryptocurrency develop around the world, Plenitude’s Digital Assets Practice can help you understand their implications for your project. Visit our website for more information: https://www.plenitudeconsulting.com/services/digital-assets-practice