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European Banking Authority Flags Crypto Industry’s Regulatory Avoidance Tactics
European Banking Authority Flags Crypto Industry’s Regulatory Avoidance Tactics
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BTCCSquare news:
The European Banking Authority has raised alarms about crypto firms attempting to circumvent the Markets in Crypto-Assets (MiCA) regulation and anti-money laundering frameworks. The watchdog warns these maneuvers threaten the integrity of the EU's financial system.
Regulators identified 'forum shopping' as a key risk, where companies seek approval in jurisdictions with lax oversight before expanding across the bloc. One unnamed firm reportedly applied for licenses in multiple countries simultaneously, withdrawing applications where scrutinized while proceeding in more permissive markets.
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