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Numerous requests from banks from different EU countries for permission to work with cryptocurrencies have forced the European Central Bank to reconsider its position on this issue. Earlier, the ECB planned to wait for the adoption by the European Parliament of the MiCA bill regulating the turnover of digital currencies.
In the future, the EU authorities plan to transfer the functions of supervision and licensing of cryptocurrency activities to AMLA – a new supranational body.
Now each EU country has its own legislative acts on digital assets that are suitable for startups, but banks are unequivocally subordinate to the ECB and cannot launch crypto products, even if they do not contradict local laws.
The European Central Bank announced the conditions for issuing a crypto license. A financial institution will receive permission from the ECB if it has a sufficient staff with the qualification of blockchain specialists, provides a system of adequate risk management, and proves the availability of a sufficient level of IT security of the implemented products.
The AMLA regulator will appear after the adoption of the sixth EU directive (AMLD6). The European Parliament will begin consideration of this bill after the holidays. Analysts believe that the process of lawmaking and implementation, which requires coordination in all EU countries, will take years.
By this time, the ECB’s licensing initiative will have created an accessible and secure environment for exploring digital currencies, based on the banking system. AMLA will cover high-risk segments – DeFi, token issuance for crowdfunding purposes, NFT minting, etc.
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