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EBA proposes rules requiring contact points for crypto firms

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EBA proposes rules requiring contact points for crypto firms
Web3/Crypto
Webp campa
Jose Manuel Campa, Chair of the EBA | LinkedIn

The European Banking Authority (EBA) has announced new draft Regulatory Technical Standards (RTS) detailing when crypto-asset service providers (CASPs) must designate a central contact point to aid in the fight against financial crime.

According to the EBA, CASPs based in one EU member state are permitted to operate in other member states. If they maintain a local presence, such as a crypto ATM, they must adhere to anti-money laundering and counter-terrorist financing (AML/CFT) requirements both domestically and abroad. In these cases, central contact points are intended to manage risks associated with cross-border services and support effective supervision.

The draft RTS specifies the conditions under which CASPs must appoint a central contact point and outlines the responsibilities expected of that role. The standards do not dictate a specific structure or location within the EU for these contact points but follow the EBA’s legal mandate by setting criteria for necessary appointments and their functions.

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These draft standards update the existing Commission Delegated Regulation (EU) 2018/1108, previously applicable only to electronic money institutions (EMIs) and payment service providers (PSPs). The revision is necessitated by Regulation (EU) 2023/1113, which extends AML/CFT obligations to CASPs and will take effect on December 30, 2024. This aligns CASPs with earlier rules requiring EMIs and PSPs with non-branch operations in another member state to appoint a central contact point.

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

Organizations Included in this History
European Banking Authority (EBA)
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Executive Chairman of Strategy: Public firms added ~131K BTC in Q2, boosting their bitcoin holdings by 18%