The European Commission has, for the first time, adopted a new Digital Finance Package, including Digital Finance and Retail Payments Strategies, and legislative proposals on crypto-assets and digital resilience, Report says, citing Interfax.
The 'Regulation on Markets in Crypto Assets' (MiCA) will boost innovation while preserving financial stability and protecting investors from risks. It will provide legal clarity and certainty for crypto-asset issuers and providers. The new rules will allow operators authorized in one Member State to offer their services across the EU ("passport"). Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and the investor's rights against the issuer. Issuers of significant asset-backed crypto-assets (so-called global 'stablecoins') would be subject to more stringent requirements (e.g., in terms of capital, investor rights, and supervision).
"Today's package will boost Europe's competitiveness and innovation in the financial sector, paving Europe's way to become a global standard-setter. It will give consumers more choice and opportunities in financial services and modern payments, while at the same time ensuring consumer protection and financial stability."
Today's measures will be crucial in supporting the EU's economic recovery. It will unlock new ways of channeling funding to Europe's businesses, while also playing a pivotal role in delivering the European Green Deal and the New Industrial Strategy for Europe.