3 days ago
European Regulators Seek Stronger Powers to Police Crypto Crimes
Europe’s securities watchdog says regulators need more power to police cryptocurrency businesses.
It wants regulators to freeze digital assets when they have good reasons to think the assets are connected to crime.
Officials say current procedures can take so long that suspicious assets disappear.
National regulators could also remove websites linked to scams or unauthorized crypto companies.
The watchdog wants some misleading crypto advertisements to be banned.
It also wants rules for people and companies marketing crypto on behalf of others.
Regulators could act against firms outside the European Union that seek European customers without permission.
Crypto companies may also have to show customers all of their costs.
These ideas are part of a review of the European Union’s MiCA crypto rules.
The European Securities and Markets Authority urged stronger enforcement powers under the European Union’s MiCA crypto rules.
It proposed allowing regulators to order crypto companies to freeze assets suspected of links to crime, money laundering, or terrorist financing.
National regulators could receive authority to remove scam websites and websites operated by unauthorized crypto companies.
ESMA called for bans on certain misleading crypto marketing practices and rules governing third-party marketing.
The proposals include powers against unauthorized non-EU firms soliciting European investors and requirements for full customer cost disclosures.
- Who
- The European Securities and Markets Authority and national European regulators.
- What
- ESMA proposed giving regulators stronger powers to enforce crypto rules, freeze suspicious assets, remove scam websites, and regulate crypto marketing and disclosures.
- Where
- The European Union and its member countries.
- When
- Wednesday, September 30; the article does not specify a year.
- Why
- ESMA said lengthy procedures can allow suspicious crypto assets to disappear and cited concerns about regulatory divergence and uneven enforcement.
Key facts
- Watchdog
- European Securities and Markets Authority
- Regulation
- Markets in Crypto-Assets, known as MiCA
- Proposed asset action
- Allow ESMA and national regulators to order freezes of crypto assets suspected of links to financial crime, money laundering, or terrorist financing
- Website enforcement
- National regulators could receive powers to remove websites used by scams or unauthorized crypto companies
- Marketing rules
- Certain misleading crypto marketing techniques could be banned, with additional rules for third-party marketing
- Customer disclosure
- Crypto companies could be required to provide customers with full cost information
- Enforcement concern
- Some regulators have raised concerns about divergent and patchy enforcement of MiCA
Quotes
European Securities and Markets Authority (ESMA)
The European Union’s securities and markets regulatory authority.
“Because of current lengthy procedures, when the freezing of suspicious crypto assets (linked to criminal activities) is requested, it is often too late and the assets have disappeared.”
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Sources
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