Search results for EBA
Crypto
Circle\'s USDC overtakes Tether\'s USDT in euro trading, share hits 56 percent
Circle\'s USDC has overtaken Tether\'s USDT in euro-denominated stablecoin trading, with USDC\'s share rising to 56 percent from 10 percent in January 2024, Kaiko data showed. Cointelegraph reported that major exchanges have restricted USDT trading for European Economic Area customers to comply with the EU\'s MiCA rules. The European Banking Authority has designated USDC as the first significant e-money token. Similar regulation-driven shifts may emerge in the United States.
Crypto
Italy central bank tightens crypto screening to curb sanctions evasion linked to Russia and Iran
The Bank of Italy has told crypto asset service providers to strengthen sanctions screening for customers and transactions to prevent evasion of international financial sanctions. It issued supervisory guidance requiring internal policies, procedures and control systems to implement EU and Italian sanctions and to identify customers and transactions linked to sanctioned persons in crypto transfers. The move seeks compliance with existing EU rules and EBA guidance, amid concerns about Russia- and Iran-linked crypto activity.
Crypto
EU MiCA transition ends, pressure mounts on unlicensed crypto firms to halt operations
The European Union’s transition period for its Markets in Crypto-Assets regulation has ended, meaning crypto companies without authorisation can no longer legally provide services to EU customers. Such firms could face sanctions including multimillion-euro fines if they do not wind down operations. Industry and legal experts expect early enforcement to vary by member state. Compliance costs are estimated from 350,000 to 600,000 euros, and could rise to 2 million euros.
