EU Includes Crypto Service Providers in Local Contact Person Mechanism

The European Commission has passed an authorization bill to extend the "Central Contact Point" (CCP) framework to crypto asset service providers (CASP). This requires member states' regulatory authorities to mandate that crypto exchanges and similar entities operating in their countries designate a local contact person. Previously, this framework only applied to electronic money institutions and payment service providers. The revision incorporates crypto service providers into the anti-money laundering and compliance regulatory network, allowing regulatory bodies to have a fixed point of contact domestically and enhancing information exchange and law enforcement collaboration.

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