Aave и DeFi под прицелом ЕС: новые правила для крипторынка

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Original Version (for comparison)

With the entry into force of the MiCA regulation for stablecoins starting June 30, 2024, and for other provisions from December 30, 2024, as well as the tightening of requirements for AML screening, KYC, and transaction monitoring, DeFi users are facing new challenges. Even if you use "clean" wallets, interacting with addresses marked with sanction labels or containing dirty crypto can lead to an account freeze on fiat bank gateways or centralized exchanges.

This is especially relevant in light of the launch of regulated Euro-stablecoins by European banks by the end of 2024. These assets will be fully subject to MiCA, which means they will be subject to end-to-end verification. If your wallet has previously been in contact with suspicious funds, even through DEXs or bridges, you may be excluded from the legal digital asset ecosystem.

Practical Steps for Protection

Check address history before transferring.
Use AML analysis services (e.g., Free AML) to ensure the recipient is not associated with sanction lists or known hacker wallets. This is particularly important when working with P2P payments or new DeFi protocols.
Avoid mixers and unverified bridges.
Even accidental interaction with such services can "taint" your wallet in the eyes of compliance systems. It is better to use only verified liquidity routes.
Separate assets by risk levels.
Store funds for working with regulated stablecoins separately from those used in experimental DeFi protocols. This minimizes the risk of cross-contamination.
Monitor the origin of stablecoins.
Not all EUR-backed tokens are equally safe. Check the issuer's jurisdiction and the presence of a MiCA license. For example, projects registered in the Netherlands have already been required to comply with the requirements since July 2024.

As we discussed in detail in the article "Cryptocurrency Regulation in the EU: What is Changing and Why It Matters", national regulators still play a key role in the application of MiCA, but a unified approach to DeFi is expected by 2026. This makes proactive asset checking not just a recommendation, but a necessity for maintaining access to the financial infrastructure of the future.

Edited Version (incorporating all corrections)

Introduction

The European Union's MiCA (Markets in Crypto-Assets)¹ regulation is coming into force, fundamentally changing the rules of the game for the crypto-asset market. Since June 30, 2024, new requirements have taken effect for stablecoin issuers, and from December 30, 2024, they will extend to all Crypto-Asset Service Providers (CASPs).

For users, this means increased transaction monitoring. Centralized exchanges (CEX) and fiat gateways are required to conduct thorough AML screening² and KYC procedures³. Your wallet's interaction with funds linked to illegal activities can lead to the freezing of assets, even if you personally have not violated the law.

This article is a practical guide for advanced users, corporate treasuries, and compliance officers. We will break down specific steps to minimize risks in the new regulatory environment based on the principle: "Verify — Don’t Risk — Document."

Checklist: 4 Steps to Protect Your Assets

Proactive asset verification is becoming a mandatory requirement for maintaining access to legal financial infrastructure.

1. Conduct AML Analysis of Counterparties

Before any transaction — sending or receiving funds — check the history of the counterparty's address.

Algorithm:
1. Use professional AML services (Chainalysis, Crystal, Elliptic) or public tools for basic checks.
2. Interpret the result. Pay attention to the overall risk score and specific labels.
Critical Labels (Red Flag): Sanctions, Stolen Funds, Darknet Market, Terrorism Financing. Transactions with such addresses are unacceptable.
Warning Labels (Yellow Flag): Mixing Service, High-Risk Exchange, Gambling. These require additional analysis and justification.

Example: If a service shows a risk score of 75/100 and a Sanctions label on one of the sources of funds, decline the transaction. If the risk is 30/100 with a Gambling label from a large licensed platform, the risk is acceptable but requires documentation.

2. Use Only Verified Bridges and DEXs

Interacting with high-risk services can compromise your address. Avoid unverified bridges⁴ and decentralized exchanges (DEX)⁵.

Red Flags of an Unverified Service:
- Anonymous development team.
- Lack of a public security audit from reputable companies (e.g., CertiK, Trail of Bits).
- Low TVL (Total Value Locked) and low trading volume.
What to do if in doubt:
1. Check for audit results on the project's website.
2. Research activity in official communities and the team's reputation.
3. Use aggregators like DeFiLlama to evaluate TVL and volumes.

3. Segment Wallets by Risk Level

Separating wallets prevents "cross-contamination," where one risky transaction compromises all your funds.

Recommended Structure:
- Cold Wallet (Cold/Reserve): For long-term storage. Does not interact with DeFi or CEX.
- Operational Wallet (Operational): For regular operations with verified counterparties and exiting to fiat via CEX.
- Experimental Wallet (DeFi/High-Risk): For interaction with new or high-risk protocols. Never withdraw funds from this wallet directly to an exchange.

4. Verify the Stablecoin Issuer's License

With the introduction of MiCA, not all stablecoins, especially those pegged to the EUR, will have the same legal status.

How to Check the Issuer:
1. Look for information on jurisdiction and licenses obtained (Electronic Money Institution, Credit Institution) on the project's website.
2. Check public registries of national regulators in EU countries (BaFin in Germany, AMF in France).
3. In the future, the European Securities and Markets Authority (ESMA)⁶ will create a unified registry of licensed issuers — bookmark it.

Handling Risky Assets: Methods and Cautions

If you suspect your wallet may have interacted with risky assets, here are a few strategies.

Strategy 1: Asset Refusal. The safest method is not to accept questionable assets or, if already received, isolate them in a separate wallet and do not use them.
Strategy 2: Working via a Provider. Use legal payment services or OTC platforms that can accept funds and conduct their own compliance, providing you with "clean" assets in return. This requires providing Source of Funds (SoF) documentation.
Strategy 3: Transfer via CEX (with extreme caution).

Legal Disclaimer: This method is not "cleaning" funds and carries significant risks. Transferring assets with a high AML risk to an exchange can lead to their immediate freezing, investigation, and potential confiscation. The exchange is obligated to report suspicious operations to regulators. Consult with a lawyer or compliance officer before using this method.

A safer alternative is to contact the exchange's support service in advance, provide evidence of the legal origin of the funds (if available), and follow their instructions.

For Lawyers and Compliance Officers

Technical Aspects of AML Analysis: Modern tools use clustering — grouping multiple addresses presumably belonging to the same owner into a single "cluster." Interacting with one risky address from a cluster can compromise all others. Anonymity-enhancing methods such as CoinJoin/mixers are almost always flagged as high-risk and make further use of funds on regulated platforms impossible.
Internal Documentation: To protect against claims from exchanges and regulators, maintain an internal compliance log.
Record Template: Date and time of check, transaction ID (TxID), counterparty address, AML check result (risk score, labels), attached screenshot of the report, decision made (proceed/decline).
Keep these logs for all significant operations. They will be your primary evidence in case of potential disputes.

Quick Memo: Verify — Don’t Risk — Document

Verify: All incoming and outgoing transactions via AML services.
Don’t Risk: Segment wallets, avoid shady DEXs and unlicensed stablecoins.
Document: Maintain an AML check log for all operational transactions.

Footnotes and Useful Links

¹ MiCA (Markets in Crypto-Assets Regulation) — an EU regulation establishing uniform rules for the crypto-asset market.
Official Text

² AML (Anti-Money Laundering) — measures to prevent money laundering.
FATF Guidance for a Risk-Based Approach to Virtual Assets

³ KYC (Know Your Customer/Client) — the process of identifying and verifying the identity of a client.

⁴ Bridges — protocols for transferring assets between blockchains.

⁵ DEX (Decentralized Exchange) — a decentralized exchange based on smart contracts.

⁶ ESMA (European Securities and Markets Authority) — the key regulator under MiCA.
Official Website

Aave and DeFi Regulation: How New EU Laws Are Changing the Crypto Market