The European Central Bank takes a step forward on the quest for licensing crypto in the EU.
to crypto. The ECB said it would apply criteria from the Capital Requirements Directive — in effect since 2013 — to assess licensing requests for crypto-related activities and services.
Specifically, the central bank will consider crypto firms’ business models, internal governance, and “fit and proper” assessments which apply to licensing other companies. In addition, the ECB said it will rely on national Anti-Money Laundering authorities and the financial intelligence units of respective countries to provide data necessary to assess potential risks.
“The higher the complexity or relevance of the crypto business, the higher the level of knowledge and experience in the field of crypto should be,” the ECB said. “Senior managers or board members with relevant IT knowledge and chief risk officers with robust experience in this area are important safeguards.”
According to the ECB, there is “work ongoing” to analyze the role crypto may play in Europe, which will “remain an area of focus for European banking supervision in years to come.” With the passage of MiCA, global regulators may begin to standardize rules for crypto service providers within the European Union.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central Bank Watch: BOE & ECB Interest Rate Expectations UpdateInflation pressures are likely to provoke further rate hikes by both the BoE and ECB in the coming months. But recession concerns for the Eurozone and the UK, have market participants questioning just how long the rate hike cycles will continue.
Read more »
Central Bank Watch: BOE & ECB Interest Rate Expectations UpdateInflation pressures are likely to provoke further rate hikes by both the BoE and ECB in the coming months. But recession concerns for the Eurozone and the UK, have market participants questioning just how long the rate hike cycles will continue.
Read more »
Are Blockchain Bridges Safe? Why Bridges Are Targets of HacksIt's estimated that over $2 billion worth of digital assets have been stolen from blockchain bridges in 2022 alone. Why are these bridges targeted and what do you need to know about them? MarcusChxn explains:
Read more »
Binance Obtains In-principle Approval to Operate With Cryptocurrencies in Kazakhstan – Exchanges Bitcoin NewsCrypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan.
Read more »
Postpartum care falls short for Black women. One mother is trying to fix thatNPR's Juana Summers talks with Jade Kearney, CEO and cofounder of She Matters, a digital platform aimed at addressing disparities in postpartum healthcare for Black mothers.
Read more »