ECB Flags Regulatory Gap for Stablecoin Issuers Lacking Financial License

The European Central Bank (ECB) has called on EU lawmakers to close a regulatory gap that allows some stablecoin issuers to operate without anti-money laundering obligations.

The ECB argues that issuers of asset-referenced tokens (ARTs) without a financial-sector license are exempt from AML rules, which is inconsistent with the principle of 'same activity, same risk, same regulation'.

The central bank also proposed reviewing crypto transaction rules in line with the Financial Action Task Force's 2025 update to the Travel Rule, and called for a stronger role for the EU's Anti-Money Laundering Authority (AMLA) to close the gap.