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European Banking Authority releases penalty framework for non-compliant crypto issuers, full MiCA enforcement imminent.

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ME News, June 29 (UTC+8), the European Banking Authority (EBA) released a consultation paper on June 26 proposing a standardized penalty framework for issuers of crypto assets that violate MiCA regulations. According to the proposal, non-compliant issuers classified as significant tokens face fines of up to 12.5% of annual revenue or twice the profits from the violation, while the cap for significant e-money tokens is 10% of annual revenue. The EBA will adopt a strict two-step process to determine the fine amount, incorporating aggravating or mitigating factors after assessing the basic severity of the violation. This move marks the substantive enforcement phase of the EU's MiCA regulation. The framework was released on the eve of the critical July 1 deadline, after which crypto companies must obtain formal licenses from national regulators to legally operate within the EU's 27 member states. Companies without licenses risk suspension of operations. (Source: PANews)
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