As an analyst with extensive experience in the financial industry and a deep understanding of the crypto market, I believe this is a positive development for the European Union (EU) and the global crypto community. The extension of Travel Rule guidelines to cryptocurrency service providers and their intermediaries by the European Banking Authority (EBA) is a significant step towards strengthening Anti-Money Laundering (AML) measures in the EU’s Markets in Crypto-Assets Regulation (MiCA).
The European Banking Authority (EBA) has revealed plans to broaden the scope of Travel Rule regulations to include cryptocurrency providers and their intermediaries. This expansion is intended to strengthen Anti-Money Laundering (AML) measures.
Starting from December 30, I, as an analyst, would like to highlight that Regulation (EU) 2023/1113 sets new rules for cryptocurrency exchanges functioning within the European Union. These exchanges are now obliged to comply with rigorous reporting procedures regarding funds and digital asset transfers.
As a dedicated researcher in the field, I’m excited to share that the European Banking Authority (EBA) has recently released updated guidelines regarding the essential information that must accompany transfers of traditional funds and specific crypto assets. These new directives aim to ensure clear communication and enhance security within financial transactions. For more detailed insights, feel free to explore the provided link. 🔗 [#EBA #FinancialTransactions #CryptoAssets #Guidelines]
— EU Banking Authority – EBA 🇪🇺 (@EBA_News) July 4, 2024
Under the European Union’s Markets in Crypto-Assets Regulation (MiCA), this endeavor signifies a substantial advancement. It implies that Crypto Asset Service Providers (CASPs) will now fall under the EU’s stringent Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework, ensuring compliance with its rigorous regulations.
Starting from the new regulations, payment service providers (PSPs), Intermediary PSPs, Card Authorized Service Providers (CASPs), and intermediary CASPs will be granted a two-month period to adhere to these rigorous standards. During this timeframe, they are required to obtain user information and define transactional purposes for each transaction.
The European Banking Authority (EBA) recognizes the possible financial pressures crypto exchanges and related service providers may face due to stricter Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regulations. However, the EBA asserts that the advantages of these measures in the long run will surpass their initial costs. These guidelines aim to strengthen efforts in preventing Money Laundering and Terrorism Financing (ML/TF).
At the same time, European regulators are increasing their scrutiny over crypto exchanges, and blockchain platforms like Cardano are responding by enhancing regulatory compliance. The Cardano Foundation, in conjunction with the Crypto Carbon Ratings Institute, is leading the charge by implementing sustainability metrics for the Cardano network.
Compliance with MiCA regulations is guaranteed by this measure, bringing attention to Cardano’s energy-efficient proof-of-stake system in contrast to the energy-consuming proof-of-work methods.
In a clear and natural way,
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-07-05 14:28