On 12 December 2024, the European Banking Authority (EBA) issued a report on tokenised deposits.
In the report the EBA outlines preliminary observations as to potential benefits and challenges of the use of tokenised deposits, which may vary depending on design parameters.
In the light of the assessment of tokenised deposits set
As 2024 draws to a close, Hong Kong has delivered on its promise by unveiling its draft Stablecoins Bill, a comprehensive framework for regulating fiat-referenced stablecoin issuers in Hong Kong. The bill generally aligns with the consultation conclusions of the stablecoin regime (finalized July 2024) and solidifies the Hong Kong Monetary Authority’s (HKMA
On 10 December 2024, the European Supervisory Authorities (ESAs) issued a final report containing guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets, under Article 97(1) of the Regulation in markets in crypto-assets (MiCAR).
The guidelines have been developed in accordance with Article 97(1)
On 4 December 2024, the European Banking Authority (EBA) issued a consultation paper containing draft Regulatory Technical Standards (RTS) specifying the criteria according to which crypto-asset service providers (CASPs) should appoint a central contact point to ensure compliance with local anti-money laundering and countering the financing of terrorism (
On 4 December 2024, there were published the official translations of the joint European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) guidelines on the assessment of the suitability of the members of the management body of issuers of asset-referenced tokens and of crypto-asset service providers.
Next steps
The
On 3 December 2024, there was published in the Official Journal of the EU, Commission Implementing Regulation (EU) 2024/2984 of 29 November 2024 laying down implementing technical standards for the application of the Regulation on markets in crypto-assets with regard to forms, formats and templates for the crypto-asset white papers. The Implementing Regulation enters into
On 26 November 2024, the Financial Conduct Authority (FCA) published a new webpage on cryptoasset financial promotions and fiat-to-crypto on/off ramp services, which reminds firms that they should carefully consider the risks of partnering with unregistered cryptoasset firms that may be illegally promoting to UK consumers.
The FCA notes that, following engagement
On 28 November 2024, Commission Implementing Regulation (EU) 2024/2902, which lays down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council (MiCAR) with regard to reporting related to asset-referenced tokens and to e-money tokens denominated in a currency that is not an official
On 27 November 2024, the Basel Committee on Banking Supervision (Basel Committee) published various finalised technical amendments to the Basel Framework.
The amendments, which relate to (i) the standardised approach to credit risk and (ii) cryptoasset exposures, were published for consultation in July 2024 and have been finalised as originally proposed.
The Basel Committee plans
On 27 November 2024, Commission Implementing Regulation (EU) 2024/2545 of 24 September 2024, which lays down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council (MiCAR) with regard to standard forms, templates and procedures for the cooperation and exchange of information between competent