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EU Regulator Calls for Mandatory Cybersecurity Audits for Crypto Firms

16 October 2024
in News, Regulation
Reading Time: 3 mins read
107 2
Home News

The European Securities and Markets Authority (ESMA) is reportedly advocating for mandatory external audits of cybersecurity defences within cryptocurrency companies, as outlined in a report by the Financial Times on Wednesday.

Though specific sources weren’t cited, the report suggests the ESMA is pushing for lawmakers in the European Union’s parliament to amend forthcoming regulations to include third-party audits to evaluate crypto firms’ resilience against cyberattacks.

However, the European Commission appears resistant to these proposals, indicating that they might extend beyond the original scope of the legislation. 

This move by the ESMA comes as crypto companies prepare to comply with the European Union’s new regulation, the Markets in Crypto-Assets (MiCA) framework. This framework requires firms to obtain licenses from EU member states by December 31; it also mandates strong controls to prevent financial crimes like money laundering.

RELATED: EFAMA Rules Out Quick Expansion of ETFs to Include Crypto Following UCITS Review

These regulatory shifts are already influencing the crypto market in the region. Coinbase, for instance, recently announced plans to delist non-compliant stablecoins from its European exchange by the end of the year. Kraken has also revealed it will suspend trading of privacy-centric cryptocurrency Monero (XMR) across the European Economic Area.

RELATED: Binance to List First MiCA-Compliant Bank-Backed Stablecoin ‘EURI’

Amid these developments, industry leaders are voicing their concerns. Tether’s CEO, Paolo Ardoino, has cautioned that strict cash reserve requirements under MiCA could pose systemic risks to banks.

Meanwhile, cybersecurity remains a critical focus in cryptocurrency, given the recent rise in cyberattacks. Despite a decline in phishing-related financial losses in September to $46.7 million (down from $63 million in August), Scam Sniffer reported the number of phishing victims increased to 10,805. One notable incident involved a loss of 12,083 spWETH due to approval phishing, which manipulates victims into signing malicious blockchain transactions. Chainalysis also reported a 2.8% rise in hacking incidents in 2024 compared to the previous year, further highlighting the sector’s vulnerabilities.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: CryptoCybersecurityESMAEU
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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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