ECOVIS ProventusLaw brings you a curated selection of significant developments from the European crypto regulatory landscape in September 2024.
FCA charges first individual with running a network of illegal crypto ATMs
The FCA has charged Mr Olumide Osunkoya for unlawfully running multiple crypto ATMs without FCA registration. Mr Osunkoya is accused of running crypto ATMs, which processed £2.6m in crypto transactions across multiple locations between 29 December 2021 and 8 September 2023 without the required registration. Read more.
ESMA Q&A on MiCA agent regime
ESMA answered the question “May crypto-asset service providers (CASPs) designate persons or entities to provide crypto-asset services on their behalf as agents (similarly to the tied agent regime under MiFID II), where such person or entity is not an authorised CASP?”. Read more.
New UK bill introduced in Parliament to clarify crypto’s legal status
The Property (Digital Assets etc) Bill, introduced in Parliament on 11th September, will mean that for the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law. Read more.
UK Regulator Says 87% of Crypto Registration Applications Failed to Meet Standards for Approval
Feedback on good and poor-quality applications made to the FCA under money laundering regulations. The FCA approved only four of the 35 applications it received in the year ended March 31. Read more.
Latvijas Banka invites crypto-asset service providers to pre-licensing consultations
Latvijas Banka invites companies seeking a crypto-asset service provider licence in Latvia to pre-licensing consultations. Read more.
Ireland to probe Google’s AI model for data protection compliance
The Data Protection Commission (DPC), the Irish supervisory authority for the General Data Protection Regulation (GDPR), has started a cross-border investigation into Google Ireland Limited to determine whether Google followed EU data protection laws while developing its artificial intelligence model. Read more.
Change and challenges – responding to uncertainty, transforming for the future and driving innovation – Remarks by Deputy Governor Derville Rowland
These remarks were delivered at AFME’s 8th Annual European Compliance and Legal Conference, 23 September 2024, London. Read more.
Cybercrime: Successful strike against the infrastructure of digital money launderers in the underground economy
The Public Prosecutor General’s Office in Frankfurt am Main – Central Office for Combating Cybercrime (ZIT) – and the Federal Criminal Police Office (BKA) have shut down 47 exchange services hosted in Germany that were used for criminal purposes. These were platforms where traditional currencies and cryptocurrencies could be exchanged. Read more.
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