EU regulatory framework for crypto-assets and digital finance
A comprehensive look at the MiCA regulation, the EBA’s responsibilities and European initiatives that secure transparency, stability and responsible innovation.
Introduction
The rapid expansion of the crypto market led the European Union to develop an extensive regulatory framework that guarantees security, transparency and stability.
The MiCA regulation (Markets in Crypto-Assets) is the first EU-wide rulebook covering the issuance, offering, custody and trading of crypto-assets.
Within this landscape, the EBA plays a pivotal role by ensuring consistent application of the rules, supervising operators and protecting investors.
MiCA Regulation
MiCA creates a unified and regulated crypto-asset market, safeguarding investors and ensuring equal operating conditions.
MiCA creates a unified and regulated crypto-asset market, safeguarding investors and ensuring equal operating conditions.
Common rules
Token issuance and offering with detailed disclosure duties, transparent governance and accessible documentation for all investors.
CASP authorisation
Exchanges, wallets and custodians must be EU-authorised, meet strict requirements and undergo regular audits to ensure security and reliability.
ART & EMT provisions
Specific rules for ART and EMT, with solid prudential foundations, financial transparency and mandatory reporting to authorities.
Risk management & safeguards
Prudential obligations, advanced risk-management systems, redemption plans for crisis and consumer protection against fraud and market abuse.
EBA’s role
The EBA drafts technical standards and operational guidelines to implement MiCA and ensure market safety.
The EBA drafts technical standards and operational guidelines to implement MiCA and ensure market safety.
Technical supervision
Defines capital and liquidity requirements for crypto operators, ensuring financial soundness and resilience to stress scenarios.
Digital risk management
Detailed guidance for managing volatility, securing digital keys and protecting custodial assets.
Governance & transparency
Clear organisational structures, rigorous governance policies and accountability to prevent conflicts of interest and ensure transparency.
Reporting & collaboration
Coordinates MiCA reporting, regulatory disclosures and collaboration with ESMA/EIOPA for a harmonised market.
AML & Security
The EBA strengthens anti-money laundering and financial crime prevention with AML/CFT rules and the Travel Rule.
The EBA strengthens anti-money laundering and financial crime prevention with AML/CFT rules and the Travel Rule.
Travel Rule
Sender and beneficiary data must accompany every transaction, increasing traceability and security against money laundering.
Central Contact Points
Operational coordination with national authorities, facilitating communication and AML reporting.
Suspicious transaction reporting
Supporting authorities in reporting suspicious transactions, with clear procedures and dedicated digital tools.
Guideline updates
Continuous updates to guidelines to ensure compliance with global standards and respond to emerging threats.
Capital & Investor Protection
The EBA and European Commission define the prudential treatment of crypto-asset exposures.
The EBA and European Commission define the prudential treatment of crypto-asset exposures.
Redemption plans
Detailed procedures for investor redemption by regulated stablecoin issuers in case of insolvency or high volatility.
Reserve monitoring
Constant monitoring of capital reserves and investor protection mechanisms, with regular reports to authorities.
Banking cooperation
Active collaboration with European banking authorities to strengthen financial system stability and prevent systemic risks.
Prudential management
Ensuring digital assets are managed with the same prudence, transparency and soundness as traditional financial instruments.
Crypto • Regolazione • Innovazione