EU Expands 'Central Contact Point' Rule to Crypto Asset Service Providers

BlockBeats news, September 10: The European Commission last week adopted a delegated act to extend the central contact point (CCP) framework, previously applicable only to electronic money institutions and payment institutions, to crypto-asset service providers (CASPs). Member state regulators can thereby require crypto trading platforms and other institutions operating locally to designate a local contact person. With the amendment, CASPs are included in the anti-money laundering and compliance supervisory contact network, making it easier for regulators to have a fixed point of contact within the jurisdiction and strengthening information sharing and enforcement cooperation.