The European Union’s anti-money laundering and counter-terrorist financing guidelines have been extended to European cryptocurrency firms following a decision by the region’s banking regulator.
The European Banking Authority (EBA) said Jan. 16 that the revised guidelines aim to help crypto-asset service providers (CASPs) identify the financial crime risks they face due to their “clients, products, delivery channels and geographic locations.”
The guidelines also outline how cryptocurrency firms should adapt their measures to combat financial crime, which could include “the use of blockchain analysis tools,” the regulator added. The guidelines will apply from December 30, 2023.
The EBA claims that the latest amendments are “an important step forward in the EU’s fight against financial crime” and “unify the approach” for cryptocurrency companies across the union to reduce money laundering and terrorist financing.
The updated guidance will add risks specific to cryptocurrencies and cryptocurrency companies, as well as guidance for financial firms that hold or service cryptocurrency companies.
The guidelines for financial crime risk assessments for cryptocurrency companies are also included, which are designed to consider potential risks associated with “anonymity-enhancing features,” self-hosted wallets, decentralized platforms, and products that allow transfers between companies and such services.
In 2023, the EU finalized the Transfer of Funds Regulation (ToFR) governing cryptocurrency transfers and the comprehensive and wide-ranging Markets in Crypto-Assets (MiCA) regulation.
MiCA’s cryptocurrency investor protections will come into effect in December, but EU member states can choose to implement an 18-month transition period for CASPs, allowing them to operate without a license.
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