US Dollar Coin (USDC) stablecoin issuer Circle is responding to proposed changes to the European Union’s (EU) financial crime policies, which would impact crypto companies.
In May, the European Banking Authority (EBA) launched a public consultation on amendments that would extend the scope of EU’s guidelines on money laundering and terrorist financing (ML/TF) risk factors to crypto asset service providers (CASPs).
The proposed amendments seek to provide standards that will enable crypto asset service providers to effectively identify and mitigate money laundering and terrorist financing activities.
The financial watchdog also introduces sector-specific guidance, citing that CASPs may have increased risks to financial crimes because of the use of innovative technologies, and instant transfers of crypto assets and services with privacy-enhancing features.
In a statement, Circle