| Publisher | European Banking Authority [EBA] |
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| Publication Date | 09/01/2019 |
| Content Type | Report |
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Summary: Report published by the European Banking Authority (EBA) in which it unveils the results of an assessment of the applicability and suitability of EU law to crypto-assets. Further information: The EBA highlights the need for a comprehensive cost/benefit analysis, taking account of issues inside and outside the financial sector, to determine what, if any, action is required at the EU level. The EBA also advises the European Commission to take account of the October 2018 recommendations of the Financial Action Task Force (and any further standards or guidance) regarding, in their terminology, ‘virtual asset' activities, and to take steps where possible to promote consistency in the accounting treatment of crypto-assets. Typically, crypto-asset activities do not constitute regulated services within the scope of EU banking, payments and electronic money law, and risks exist for consumers that are not addressed at the EU level. Crypto-asset activities may also give rise to other risks, including money laundering. In light of these issues, the EBA recommends that the European Commission carry out further analysis to determine the appropriate EU-level response. The EBA also identifies a number of actions that it set itself to take in 2019 to enhance the monitoring of financial institutions' crypto-asset activities and consumer-facing disclosure practices. |
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| Source Link | Link to Main Source https://eba.europa.eu/documents/10180/2545547/EBA+Report+on+crypto+assets.pdf |
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| Subject Categories | Business and Industry |
| Subject Tags | Financial Services |
| Keywords | Cryptoassets | Cryptocurrencies |
| International Organisations | European Union [EU] |
