Abstract

The article concerns the issue of cryptoasset service providers (CASPs) entering into business relationships with financial institutions which have the status of the obliged institutions under the applicable AML/CFT regulations.
The authors analyses the current state of the law and its implications for cryptoasset market players. The analysis draws attention to the previous perception of cryptoasset market entities as being at risk of money laundering or terrorist financing.
Subsequently, the article outlines how the new legislation regulates cryptoasset market entities, thereby reducing the AML/CFT risks associated therewith. In the authors’ view, de lege lata, there are no valid reasons for financial institutions to refuse entering into business relationships with CASPs.