European Banking Authority Consults Crypto Guidelines

The European Banking Authority (EBA) has launched on 29 March 2023, a consultation paper on proposed amendments to The Risk‐Based Supervision Guidelines (EBA/GL/2021/16). Comments are welcomed until 29 June 2023, via the official portal.

The proposed changes focus on actions to be taken by competent authorities in the following areas:

  • cooperation between authorities, other stakeholders and prudential supervisors;
  • supervisory expectations should follow a consistent approach when supervision of institutions is the subject of multiple authorities;
  • train their staff to have all necessary expertise and technical knowledge to properly conduct their tasks for the supervision of crypto-assets service providers.

They also expand on:

  • sources of information available to competent authorities when supervising crypto-asset service providers (CASPs /VASPs);
  • how competent authorities should determine the type of guidance needed within the sector and how to communicate this guidance in the most effective manner”

Amendments in the following areas are proposed:

1. ‘Subject matter, scope and definitions’

2. Guideline 4.1 ‘Implementing the RBS model’

3. Guideline 4.2 ‘Step 1 – Identification of risk and mitigating factors’

4. Guideline 4.3 ‘Step 2 – Risk assessment’

5. Guideline 4.4 ‘Step 3 – Supervision’

6. Guideline 4.5 ‘Step 4 – Monitoring and updating of the RBS model’

The text for the Risk‐Based Supervision Guidelines (EBA/GL/2021/16) is accessible here.

The consultation paper is accessible here.