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They may be formally ratified by April 19th, and about 4-8 weeks thereafter they will be published in the "Official Journal of the EU" (which I'm sure you subscriber to) and thus go into effect.
That starts an 18 month clock.
That starts an 18 month clock.
The European Banking Authority (EBA) is tasked in that 18 month period to draft a number of guidelines on a number of clarifying topics, including the enhanced due diligence measures CASPs would need to implement when transacting with self-hosted wallets.
The EBA will also need to contribute to the EU Commission’s report on assessment of risks posed by transfers from or to self-hosted addresses.
This report shall include the following elements:
1) an analysis of the trends in the use of self-hosted addresses to perform transfers without the involvement of a third party, together with an assessment of the related ML/TF risks and an evaluation of the need; and
1) an analysis of the trends in the use of self-hosted addresses to perform transfers without the involvement of a third party, together with an assessment of the related ML/TF risks and an evaluation of the need; and
2) effectiveness and enforceability of additional mitigation measures, including specific obligations on PROVIDERS of hardware and software wallets and limitations, control or prohibition of transfers involving self-hosted addresses.
EBA must in 18 months also issue guidance regarding the means for identification and verification of the identity of, the originator or beneficiary of a transfer made from or to a self-hosted address
Punchline - The EBA is going to be very important going forward as it relates to regulation of unhosted wallet usage in and involving the EU.
Thorny issues that require mature engagement with a likely skeptical audience. We got work cut out for us.
Thorny issues that require mature engagement with a likely skeptical audience. We got work cut out for us.
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