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ARTICLE · 15 SEPTEMBER 2022

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Revisiting The ECB-SSM's Supervisory Guides On License Applications For Various Banking Union Supervised Institutions

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On 17 August 2022 the European Central Bank (ECB) acting in its role at the head of the Banking Union's Single Supervisory Mechanism (SSM) published an article...

GermanyFinance and Banking
Michael Huertas
Michael Huertas
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QuickTake

On 17 August 2022 the European Central Bank (ECB) acting in its role at the head of the Banking Union's Single Supervisory Mechanism (SSM) published an article in its August edition of the Supervision Newsletter entitled "Licensing of crypto-asset activities."1 The article caused a wave of positive responses even if the ECB-SSM does not and has not intimated that it will authorise those persons that qualify as crypto-asset service providers (CASPs) under the EU's Markets in Crypto Assets Regulation (MiCA) which at the time of publication of that article is still going through various steps in its legislative journey and will likely only be finalised at the end of 2022 or start of 2023 with various other parts of that new framework coming into full force by 2025.

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