EBA proposes criteria to appoint a central contact point for crypto-asset service providers to strengthen the fight against money-laundering and terrorism financing in host Member States

The European Banking Authority (EBA) today launched a public consultation on 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 (AML/CFT) obligations of the host Member State. This consultation runs until 4 February 2025.

CASPs can provide services in other Member States through establishments other than branches. Once established, CASPs have to comply with local AML/CFT obligations, even if their establishments are not ‘obliged entities’ themselves. This can make the AML/CFT supervision of services provided through these establishments difficult.

To address this, the draft RTS sets out the criteria for determining the circumstances in which the appointment of a central contact point is appropriate, as well as the functions of those central contact points. Since the same considerations apply to electronic money issuers (EMI) and payment service providers (PSPs) as they do to CASPs, the EBA proposes to retain the structure and approach set out in Commission Delegated Regulation (EU) 2018/1108 and extend existing provisions to CASPs (leaving the provisions that apply to EMIs and PSPs unchanged), while also introducing new provisions for CASPs where this is necessary in light of their business model and operation.

Consultation process

Comments to the consultation paper can be sent by clicking on the "send your comments" button on the EBA's consultation page. The deadline for the submission of comments is 4 February 2025.

The EBA will hold a virtual public hearing on the consultation paper on 16 January 2024 from 15:00 to 17:00 Paris time. The EBA invites interested stakeholders to register using this link by 3 January 2023 at 16:00 CET. The dial-in details will be communicated to those who have registered for the meeting.

All contributions received will be published following the end of the consultation unless requested otherwise.

Legal basis, background

Article 45(10) of Directive (EU) 2015/849 requires the EBA to develop RTS setting out the criteria for determining the circumstances in which the appointment of a central contact point is appropriate, and the functions of the central contact points.

A first version of such draft regulatory standards was issued in 2017. This Commission Delegated Regulation (EU) 2018/1108 was published in the Official Journal of the EU in 2018. The scope was limited to EMIs and PSPs.

Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets applies from 30 December 2024. It amends Directive (EU) 2015/849, inter alia by extending its scope to crypto-asset service providers. Consequently, Article 45(9) of this Directive extends provisions that Member States may require EMIs and PSPs established on their territory in forms other than a branch, and whose head office is situated in another Member State, to appoint a CCP point in their territory to CASPs. This means that the EBA has to update the Commission Delegated Regulation (EU) 2018/1108.