The EIMF Live Online Learning Experience

Participants will receive access to the recorded sessions of the course.

EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more

Course Overview

The 5th AML Directive was only the first step towards regulating crypto-assets and crypto-activities in terms of anti-money laundering.  The Directive only covers specific crypto assets under the “virtual currencies” term and limited crypto-activities. Each EU Member State transposed the Directive differently and developed its own regulatory regime for transactions associated with “virtual currencies” creating regulatory fragmentation and the scope for regulatory arbitrage.  The 5th AML Directive does not offer a harmonized regulatory framework for crypto-assets; indeed, it introduces a baseline framework with limited scope.

This issue is addressed by the Markets in Crypto-Assets Regulation (MiCAR) the landmark crypto-assets regulation published in the official EU Journal on 9 June 2023, coming into force on 29 June 2023 and applying from 30 December 2024 with Titles III and IV on the framework for e-money tokens and asset-referenced tokens applying from 30 June 2024. MiCAR seeks to establish an EU legal framework for crypto assets and intends to expand and encourage the use of the distributed ledger technology (DLT), in the financial industry by creating a comprehensive regulatory framework.  MiCAR aims to regulate most crypto-assets currently outside of regulatory scope and bring within scope numerous activities and services concerning crypto-assets expanding the notion of crypto-asset service providers and regulating issuers of crypto-assets.

At the same time, the EU is considering and carrying out important regulatory developments regarding the AML regulation of crypto assets. The EU AML Package is a package of legislations dealing with AML matters in a more harmonized and enhanced way, offering advanced tools to authorities to combat AML risks and covering more AML areas. In this context, the EU AML Package enhances the regulation of crypto-assets for AML purposes. The AML package will oblige providers of services concerning crypto-assets, defined more comprehensively in MiCAR, to comply with AML requirements. Hence, the AML Package combined with MiCAR, is bound to create legal certainty, and enhance security regarding the use of crypto assets, increase the AML checks in the crypto-asset space, promote innovation and fair competition in the European financial market and make sure that there is consumer protection and market integrity.

This highly researched course explores the MiCAR which constitutes a key component of EU financial regulation.  The course gives emphasis on what is being regulated and the key objectives under MiCAR.  Participants will understand what is and what is not a crypto-asset as well as the services covered under MiCAR.  Participants will also understand who will be impacted by the EU’s flagship MiCA regulation and they will discuss MiCAR’s interaction with other regulatory frameworks. In this context, participants will learn about the AML package and how it affects crypto-asset activities and services.  This course is vital for professionals, practitioners, supervisors, policymakers, and financial institutions who wish to explore the development of the fast-evolving crypto market.