A European Central Bank Supervisory Board member has warned that the crypto rules in the EU’s Markets in Crypto-Assets (MiCA) bill “will not be sufficient on their own.”

The European Banking Authority has suggested that EU supervisors consider whether distributed ledger technology (DLT), such as that used in cryptocurrencies, is in use when assessing money laundering risks. The draft guidance recommends that banks and payment providers scrutinise crypto companies more closely when considering a client relationship. The draft also proposes that an assessment of the infrastructure technology prevalent in the sector, particularly DLT, be added to the list of factors considered by national authorities when assessing money laundering threats. The guidance is open for consultation until June 29. A new EU rule, the Transfer of Funds Regulation, is due to be voted on in April, and the bloc's banking watchdog is preparing to implement those laws.

European lawmakers are moving forward with the introduction of a European Union-wide digital wallet by passing a plenary vote on moving the initiative to interinstitutional negotiations.

Zodia Custody Ltd., a Bitcoin and cryptocurrency custodian that Standard Chartered owns, has successfully obtained registration as a virtual asset service provider in Luxembourg, therefore extending its operations throughout Europe. 

Policymakers in the European Parliament are negotiating changes to the text of an EU anti-money laundering bill to highlight that NFT platforms or other companies providing services related to NFTs are covered by the regulation.

The metaverse could be next in EU competition regulators' crosshairs, said antitrust chief Margrethe Vestager on Thursday — with concerns about Meta's dominance at the top of the docket. 

The EU needs to consider issues such as non-discrimination, user safety and data privacy when considering how to regulate the metaverse, a senior European Commission official said Friday.

Coinbase CEO is well on his way to fulfilling a pledge to sell company stock to fund his new ventures. China Telecom and Conflux Network announce a partnership to bring BSIM to market.

EU banks would have to place the maximum possible risk weight on crypto assets under a draft law published by the European Parliament on Friday.

The European Union's plans to regulate crypto smart contracts, the infrastructural underpinnings of decentralized finance, look to be heading in a less onerous direction.