EBA announces consultation on crypto-asset exposure standards

According to the Autorité des Marchés Financiers (AMF), MiCA regulation mandates that crypto-asset service providers (CASPs) obtain authorization before offering services. They can do so by getting approval from national authorities or notifying them if they are already authorized under specific statutes. CASPs demonstrating prior compliance with national laws can continue operations until July 1, 2026, while awaiting MiCA authorization. The regulation imposes obligations on CASPs including incorporation requirements, governance standards, client asset protection measures, and complaints handling procedures. CASPs must also adhere to prudential standards and maintain business continuity plans while complying with anti-money laundering and cybersecurity regulations.

The EBA is an independent EU agency responsible for ensuring effective and consistent regulation and supervision in the European banking sector. Its primary mission is to enhance the stability and integrity of the EU financial system through transparent and fair regulation. The EBA contributes to the creation of harmonized prudential rules for financial institutions and promotes convergence in supervisory practices. It also conducts risk assessments, oversees digital and operational resilience, and works to prevent financial crime. Additionally, it provides advice to EU institutions and resolves cross-border financial disputes.