{"id":341270,"date":"2023-09-06T15:30:14","date_gmt":"2023-09-06T10:00:14","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=341270"},"modified":"2023-09-06T12:31:27","modified_gmt":"2023-09-06T07:01:27","slug":"circle-recommends-eu-crypto-guidelines-to-be-mica-centred","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/circle-recommends-eu-crypto-guidelines-to-be-mica-centred\/","title":{"rendered":"Circle recommends EU crypto guidelines to be MiCA-centred"},"content":{"rendered":"<ul>\n<li><em>Circle recommended that the regulator use the MiCA-defined term \u201ccrypto-asset service provider\u201d instead of \u201cproviders of services in the crypto-assets ecosystem.\u201d<\/em><\/li>\n<li><em>The USDC issuer also said that the guidelines shouldn\u2019t extend to providers not subject to MiCA&#8217;s regulatory scope.<\/em><\/li>\n<\/ul>\n<p>On 31 August, Circle [USDC] responded to the European Banking Authority\u2019s (EBA) public consultation on the extension of the scope of its money laundering and terrorist financing (ML\/TF) guidelines to crypto platforms. EBA is the banking regulator of the European Union (EU).<\/p>\n<p>Patrick Hansen, Circle\u2019s EU Strategy &amp; Policy Director, <a href=\"https:\/\/www.circle.com\/blog\/circles-response-to-the-eba-consultation-on-revised-guidelines-on-money-laundering-and-terrorist-financing-risk-factors\" target=\"_blank\" rel=\"noopener\">informed<\/a> about the response on a blog on 5 September.<\/p>\n<p>The stablecoin issuer voiced its concern over the usage of the term \u201cproviders of services in the crypto-assets ecosystem\u201d in the proposal. It added that the term is too vague and broad in its definition.<\/p>\n<p>Due to its ambiguity, it could also include providers of technology services, such as blockchain and web infrastructure. Circle recommended using the Markets in Crypto-Assets Regulation (MiCA)-defined term \u201ccrypto-asset service provider\u201d (CASP).<\/p>\n<p>Circle also cautioned the EBA that its guidelines shouldn\u2019t extend to providers not subject to MiCA&#8217;s regulatory scope. These guidelines need to be technology-neutral. They should adhere to principles established by EU legislations enacted earlier such as the MiCA and the Transfer of Funds Regulation (TFR).<\/p>\n<h4>Self-hosted wallets already under TFR&#8217;s purview, Circle argues<\/h4>\n<p>The USDC issuer further underscored that self-hosted wallets were not a general indicator of high-risk. It also <a href=\"https:\/\/www.fatf-gafi.org\/content\/dam\/fatf-gafi\/guidance\/Second-12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf.coredownload.pdf\" target=\"_blank\" rel=\"noopener\">cited<\/a> a Financial Action Task Force (FATF) review published in July 2021 to argue that the data pertaining to illicit transactions with self-hosted wallets is highly variable. The data underscored a lack of consensus on ML\/TF risks over these wallets.<\/p>\n<p>The stablecoin issuer stated that the TFR already addresses risks involving illicit transactions over self-hosted wallets. There is therefore no need for EBA to include this section in the guidelines.<\/p>\n<p>It was in May that the EBA <a href=\"https:\/\/www.eba.europa.eu\/eba-consults-amendments-guidelines-money-laundering-and-terrorist-financing-risk-factors-include\" target=\"_blank\" rel=\"noopener\">launched<\/a> a public consultation on amendments to its ML\/TF guidelines. The latest set of guidelines also extends its scope to crypto platforms.<\/p>\n<p>EBA claims that the crypto service providers pose unique risks because of their novel technologies, global instant asset transfers, and privacy-enhancing features. The body aims to establish standard regulatory guidelines to properly identify and contain these risks within the crypto sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle has responded to the European banking regulator&#8217;s consultation on extending the scope of its money laundering and terrorist financing guidelines to crypto platforms.<\/p>\n","protected":false},"author":70,"featured_media":341279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,5825,20],"tags":[],"class_list":["post-341270","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-stablecoins","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Circle recommends EU crypto guidelines to be MiCA-centred - 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