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European Central Bank, Banking Supervision Newsletter, “Licensing of Crypto-Asset Activities,” (August 2022 ) Like for any other licensing procedure, the ECB and the relevant national competent authority apply the Capital Requirements Directive (CRD) criteria when assessing licensing requests covering crypto-asset activities and services. In doing so, the ECB pays particular attention to the following: – business models: how the proposed activity matches the overall activity and risk profile of the institution; – internal governance: whether the institutions policies and procedures are adequate to identify and assess unique risks to crypto-assets; and – fit and proper assessments: here the same general fit and proper criteria apply as in any licensing procedure, including IT competence. The higher the complexity or relevance of the crypto business, the higher the level of knowledge and experience in the field of crypto should be. Senior managers or board members with relevant IT knowledge and chief risk officers with robust experience in this area are important safeguards.”
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