The European Central Bank (ECB) has issued new licensing guidelines for regulating digital assets, although it currently does not have a unified regulatory framework governing crypto-asset activities and services.
The ECB’s banking regulator noted that the ECB is taking steps to harmonize its assessment of licensing applications as “national frameworks governing crypto-assets vary widely.”
The Presidency of the Council and the European Parliament recently reached an interim agreement on the proposals of Markets in Crypto Assets (MiCA).
The agreement requires crypto assets to be placed under a regulatory framework. It uses the Capital Requirements Directive criteria, which has been in effect since 2013, to evaluate licensing applications for crypto-related activities and services.
The ECB proposes that the AML/CFT risk profile will be analyzed as several characteristics of crypto assets, such as their lack of intrinsic economic value or reference assets, make them vulnerable to money...
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