Circle responds to EBA’s proposed amendment on anti-money laundering guidelines


This article has been republished with permission from Binance News.

According to Foresight News, stablecoin issuer Circle has responded to a proposed amendment by the European Banking Authority (EBA) that would expand the scope of its anti-money laundering (AML) and counter-terrorism financing guidelines to include crypto asset service providers. Circle pointed out that the proposal uses the term ‘service providers in the crypto asset ecosystem’, and believes that the ambiguity of the phrase could unintentionally cover providers of technology and auxiliary services, such as blockchain analysis and network infrastructure.

Circle argues that the guidelines should not extend to providers not subject to MiCA regulation, stating, ‘If certain EU companies are not within the scope of MiCA, they should not be designated as higher risk. The fact that they are excluded from EU regulation indicates that they are not subject to EU financial, prudential, and AML supervision, and therefore should not be subject to these EBA guidelines.’

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *