EBA proposes fines up to 12.5% of annual revenue for crypto issuers

The European Banking Authority (EBA) has unveiled a draft framework for sanctions that could impose fines of up to 12.5% of annual revenue on non-compliant cryptocurrency issuers, Cointelegraph reported. Under the proposal, issuers of significant Asset-Referenced Tokens (ARTs) could face penalties of up to 12.5% of their annual revenue, while issuers of significant E-Money Tokens (EMTs) could be fined up to 10%. The move is interpreted as a signal that the EU is strengthening its supervisory and enforcement stance as it fully implements the Markets in Crypto-Assets (MiCA) regulation. Cointelegraph noted that by establishing clear criteria for fines, authorities are signaling to the market that the era of regulatory grace periods is officially over. The industry has a public consultation period of approximately three months to submit feedback on the proposed framework, which ends on Sept. 28. Meanwhile, the temporary grace period for operations under MiCA is set to expire on July 1.