EBA calls for broader oversight of EU bitcoin services

posted almost 6 years ago
The European Banking Association (EBA) has called for more details regarding the European Union's (EU) plan to impose tighter anti-money laundering (AML) controls on digital currency exchanges and custodial wallet services.

The group, which counts more than 100 major banking institutions as members, offered comment yesterday on a prior proposal from the executive branch of the EU to bring exchange and wallet services under the Anti-Money Laundering Directive.

In comments, the EBA largely welcomed the European Commission's recommendations, but said that overall the proposal falls short, and that provisions focused on data collection should be strengthened.

The EBA also suggested that the European Commission should provide greater clarity on whether digital currency services ought to be supervised under a broader European Union licensure or registration scheme.

The group said that this distinction should be drawn as EU member states are likely to "adopt very different regimes".
In the EBA's view, this would lead to a more complicated regulatory environment.

Notably, the EBA said that it believes that regulators in European nations should retain the ability to impose sanctions on non-compliant exchange and wallet services that handle digital currencies.
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