EU Banking Regulator to Intensify Investigation of Connections Between Banks and Crypto Firms

The European Banking Authority (EBA), the body responsible for stress testing EU banks, is planning to ramp up its efforts to assess how issues in non-bank financial institutions (NBFIs), including those dealing with cryptocurrency, might impact traditional lenders. This info comes from the Financial Times. There's a growing concern about potential risks spreading, leading to a need to investigate the ties between banks and other financial companies more thoroughly, as stated by José Manuel Campa, the chair of the EBA, in a recent chat with the FT. He mentioned, "We should be doing more and we will be doing more. We need to get a grasp on the entire underlying chain in NBFIs." The FT report also highlights that NBFIs are managing approximately $219 trillion, which is nearly half of the global financial assets.

Well, on the one hand, this seems normal to me, the EBA is dedicated to monitoring both banking institutions and financial institutions of other types, which are not banks. Those that deal with cryptocurrencies fall into this second type, so it is to be expected. But on the other hand, we see how they want to act as a control mechanism, anti-privacy, with the excuse of preventing money laundering: So by handling your currencies with your passwords from your HW, you will be suspected by default of money laundering. Morons.