{"id":152002,"date":"2024-01-16T18:14:02","date_gmt":"2024-01-16T18:14:02","guid":{"rendered":"https:\/\/www.techopedia.com\/?p=152002"},"modified":"2024-01-17T19:35:34","modified_gmt":"2024-01-17T19:35:34","slug":"europes-new-aml-policy-puts-crypto-on-equal-footing-with-tradfi","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/europe-aml-policy-crypto-tradfi","title":{"rendered":"Europe&#8217;s New AML Policy Puts Crypto on Equal Footing with TradFi"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The European Union (EU) is pioneering a significant shift in the world of <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">cryptocurrencies<\/a>, and in a groundbreaking move, the European Banking Authority (EBA) is extending its <a href=\"https:\/\/www.techopedia.com\/definition\/anti-money-laundering-aml\">anti-money laundering<\/a> (AML) and terrorist-financing measures to include crypto firms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This policy change, which will come into effect on December 30, 2024, <\/span><span style=\"font-weight: 400;\">marks a pivotal moment<\/span><span style=\"font-weight: 400;\"> where <\/span><a href=\"https:\/\/www.techopedia.com\/definition\/23367\/digital-asset\"><span style=\"font-weight: 400;\">digital assets<\/span><\/a><span style=\"font-weight: 400;\"> will be brought under the same regulatory umbrella from a financial crime perspective as <a href=\"https:\/\/www.techopedia.com\/definition\/traditional-finance-tradfi\">traditional financial<\/a> (<\/span><span style=\"font-weight: 400;\">TradFi<\/span><span style=\"font-weight: 400;\">) institutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The EBA&#8217;s <\/span><a href=\"https:\/\/www.eba.europa.eu\/publications-and-media\/press-releases\/eba-issues-guidance-crypto-asset-service-providers\" target=\"_blank\"><span style=\"font-weight: 400;\">new guidelines<\/span><\/a><span style=\"font-weight: 400;\"> are a strategic response to the unique risks associated with <\/span><span style=\"font-weight: 400;\">crypto assets<\/span><span style=\"font-weight: 400;\">, these risks are amplified by factors like the swift pace of crypto transactions and certain features that can conceal users&#8217; identities.\u00a0<\/span><\/p>\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<div class=\"su-note\"  style=\"border-color:#dddddd;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#f7f7f7;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MiCA regulatory package boosts investor confidence, leading to a 200% increase in Europe&#8217;s crypto trade volumes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">European crypto market shifts, with Bitcoin, as the top choice and a rise in fiat currency trades over stablecoins.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MiCA&#8217;s comprehensive rules cover AML, consumer protection, and market abuse and set a precedent for global crypto regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Contrast with other regions: Europe&#8217;s structured approach vs. uncertain regulatory progress in the U.S. and elsewhere.<\/span><\/li>\n<\/ul>\n<\/div><\/div>\n<p><span style=\"font-weight: 400;\">To mitigate these risks, the EBA emphasizes the need for crypto asset service providers (CASPs) to implement effective measures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This decision aligns with the EU&#8217;s comprehensive <\/span><a href=\"https:\/\/www.esma.europa.eu\/esmas-activities\/digital-finance-and-innovation\/markets-crypto-assets-regulation-mica\" target=\"_blank\"><span style=\"font-weight: 400;\">Markets in Crypto Assets<\/span><\/a><span style=\"font-weight: 400;\"> (MiCA)<\/span><span style=\"font-weight: 400;\"> regulatory package and its legislation on the transfer of funds via digital assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The EBA is not stopping here; it is actively consulting on additional guidelines, these will further align with the recommendations from the global watchdog, the Financial Action Task Force (FATF), and focus on internal policies and controls for CASPs.<\/span><\/p>\n<h2><span id=\"a_ripple_across_the_continent_increased_crypto_trade_volumes_in_europe\">A Ripple Across The Continent: Increased Crypto Trade Volumes in Europe<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The MiCA laws have evidently bolstered investor confidence in Europe&#8217;s crypto market, with a <\/span><span style=\"font-weight: 400;\">report from Kaiko<\/span><span style=\"font-weight: 400;\"> <a href=\"https:\/\/25446524.fs1.hubspotusercontent-eu1.net\/hubfs\/25446524\/Research\/The%20State%20of%20European%20Crypto%20Markets.pdf\" target=\"_blank\">revealing a striking 200% surge in crypto trade volumes within the region<\/a> (PDF).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, <\/span><a href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> (BTC) has emerged as the preferred choice among European traders, with the majority of trades occurring through fiat currencies rather than euro-denominated stablecoins.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This surge in trading activity has been a contributing factor to Europe&#8217;s increasing market share in global fiat volume, signaling a reversal in its previously lagging position.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indeed, the MiCA regulations, which include consumer protection measures and rules to prevent market abuse, have been a game changer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They have not only attracted investors but also provided a framework for large companies looking to establish a presence in Europe.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Significantly, the euro is increasingly being used in direct transactions over euro-backed stablecoins, differing from the U.S. trend of relying heavily on dollar-backed <\/span><a href=\"https:\/\/www.techopedia.com\/definition\/stablecoin\"><span style=\"font-weight: 400;\">stablecoins<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.dlnews.com\/articles\/markets\/euro-crypto-trade-volume-triples-as-mica-lures-bitcoin-bets\/\" target=\"_blank\"><span style=\"font-weight: 400;\">MiCA effect<\/span><\/a><span style=\"font-weight: 400;\">, as termed by <\/span><a href=\"https:\/\/twitter.com\/paddi_hansen\" target=\"_blank\"><span style=\"font-weight: 400;\">Patrick Hansen<\/span><\/a><span style=\"font-weight: 400;\"> of Circle, has also led to record venture capital investments in European crypto projects &#8211; with provisions for authorizations, operating conditions, and specific regulations for various types of crypto, MiCA is providing a safe and regulated environment for crypto activities.<\/span><\/p>\n<h2><span id=\"europes_forward-looking_stance_in_global_crypto_regulation\">Europe&#8217;s Forward-Looking Stance in Global Crypto Regulation<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The global crypto regulatory landscape continues to evolve, and Europe, with its MiCA regulations, is <\/span><a href=\"https:\/\/www.eureporter.co\/general\/2024\/01\/13\/what-changes-to-crypto-regulation-can-we-expect-in-2024\/\" target=\"_blank\"><span style=\"font-weight: 400;\">poised to solidify its rules<\/span><\/a> further<span style=\"font-weight: 400;\">, particularly concerning stablecoins and the burgeoning <a href=\"https:\/\/www.techopedia.com\/definition\/34630\/decentralized-finance-defi\">decentralized finance<\/a> (DeFi) <\/span><span style=\"font-weight: 400;\">sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The EU is expected to focus on market abuse, AML and <a href=\"https:\/\/www.techopedia.com\/definition\/know-your-customer-kyc\">Know Your Customer<\/a> (KYC), investor protection, and crypto classification while also addressing the environmental sustainability of <\/span><a href=\"https:\/\/www.techopedia.com\/definition\/33729\/cryptomining\"><span style=\"font-weight: 400;\">crypto mining<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In contrast, the U.S. and other regions grapple with uncertain regulatory progress and potential enforcement actions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Europe&#8217;s approach, however, indicates a more structured and proactive stance, likely setting a precedent for other global powers.<\/span><\/p>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The EU&#8217;s recent regulatory changes mark a significant development in the crypto industry, by putting crypto on an equal footing with TradFi for AML, Europe is not only ensuring a safer environment for <\/span><a href=\"https:\/\/www.techopedia.com\/definition\/23367\/digital-asset\"><span style=\"font-weight: 400;\">digital asset<\/span><\/a><span style=\"font-weight: 400;\"> transactions but also leading the way in shaping a more stable and sustainable future for cryptocurrencies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the world watches, Europe&#8217;s proactive and comprehensive regulatory framework may become a model for others to follow.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Union (EU) is pioneering a significant shift in the world of cryptocurrencies, and in a groundbreaking move, the European Banking Authority (EBA) is extending its anti-money laundering (AML) and terrorist-financing measures to include crypto firms.\u00a0 This policy change, which will come into effect on December 30, 2024, marks a pivotal moment where digital [&hellip;]<\/p>\n","protected":false},"author":286474,"featured_media":152007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601,602],"tags":[],"category_partsoff":[],"class_list":["post-152002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This 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