Discover and read the best of Twitter Threads about #CASPs
Most recents (6)
1/ In light of today's second political trilogue, we are sharing our position on #AMLR. We discuss our concerns & recommendations to strike the right balance between tackling financial crimes & fostering innovation in the #blockchain & #crypto industries. 
IOSCO recently published its long-awaited consultation report on regulating #CryptoAssets, consisting of 18 high-level recommendations for global regulators to take into consideration when crafting and enforcing rules in this area.
⏰ The deadline to provide feedback has been set for 31 July, with a view to finalising them by September/October this year
Today, we attended the #FTX hearing by the @EP_Economics in the @Europarl_EN.
It was an interesting discussion, with the underlying question being
"Would #MiCA have prevented the FTX collapse? Will the new rules be enough to address those issues?"
A🧵with key quotes:
1/9
It was an interesting discussion, with the underlying question being
"Would #MiCA have prevented the FTX collapse? Will the new rules be enough to address those issues?"
A🧵with key quotes:
1/9
Speakers underlined this is not a #crypto issue, but a human one
"The lack of segregation of user data in the #FTXscandal demonstrates the legislative need for the #EU to apply existing data protection rules to the #crypto market"
MEP @itinagli, Chair of @EP_Economics
2/9
"The lack of segregation of user data in the #FTXscandal demonstrates the legislative need for the #EU to apply existing data protection rules to the #crypto market"
MEP @itinagli, Chair of @EP_Economics
2/9
"The #FTXscandal is caused by human behaviour!
It is to the #crypto market what Lehman Brothers represented for the traditional finance industry. Had #MiCA been already in place, the #FTX case should have never been possible"
MEP @DrStefanBerger, MiCA Rapporteur
3/9
It is to the #crypto market what Lehman Brothers represented for the traditional finance industry. Had #MiCA been already in place, the #FTX case should have never been possible"
MEP @DrStefanBerger, MiCA Rapporteur
3/9
#MiCA was not the only proposal completed last week, as 🇪🇺 institutions also finalised the Transfers-of-Funds Regulation (TFR).
The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.
As always, check our 🧵for details:
1/18
The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.
As always, check our 🧵for details:
1/18
First, a bit of #context:
The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.
2/18
The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.
2/18
As part of its 2020 Action Plan on preventing #moneylaundering and #terrorism financing, the @EU_Commission put forward a legislative proposal for a recast of the original #TFR text with the main objective of expanding traceability requirements to crypto-assets.
3/18
3/18
📢#MiCA is complete!
The landmark #crypto regulation sets out uniform 🇪🇺 requirements for offerors of #cryptoassets and service providers (#CASPs) to apply for authorisation in the Single Market.
👀🧵for a full dive on #MiCA and what it means for the #cryptoindustry.
1/22
The landmark #crypto regulation sets out uniform 🇪🇺 requirements for offerors of #cryptoassets and service providers (#CASPs) to apply for authorisation in the Single Market.
👀🧵for a full dive on #MiCA and what it means for the #cryptoindustry.
1/22
Even though a better agreement was close last week, 🇫🇷 vetoed it during the 🇪🇺 MS intervention period & raised concerns on USD-denominated #stablecoins used as a "means of #exchange", suggesting a return to their restriction when used for #settlement purposes ❗️
2/22
2/22
The compromise was to at least clarify that USD-#stablecoins used for spot #trading would NOT be captured.
The final text was approval by #COREPER yesterday and @EP_Economics will do it on 10/10. Final adoption by Ministers and the Parliament’s Plenary will be end of Oct.
3/22
The final text was approval by #COREPER yesterday and @EP_Economics will do it on 10/10. Final adoption by Ministers and the Parliament’s Plenary will be end of Oct.
3/22
Latest UPDATE on the #TFR (Travel Rule) trilogue:
EU institutions are working to finalise the #TFR text to implement the #travelrule in Europe. Please find below the latest details. The aimed-for deadline for conclusion is still the first week of June.
1/9
EU institutions are working to finalise the #TFR text to implement the #travelrule in Europe. Please find below the latest details. The aimed-for deadline for conclusion is still the first week of June.
1/9
Key issues on table:
The provisions introduced by the @Europarl_EN requiring #verification of information for each transfer of assets, the additional requirements applied to transfers to #unhosted wallets and the #blacklist of non-compliant entities.
2/9
The provisions introduced by the @Europarl_EN requiring #verification of information for each transfer of assets, the additional requirements applied to transfers to #unhosted wallets and the #blacklist of non-compliant entities.
2/9
In the past weeks, the @EUCouncil has taken onboard the concerns from the blockchain & crypto #industry, as well as those of regulators and competent #authorities (!), that flagged the impracticality and unintended consequences these provisions would have.
3/9
3/9
