BETA


Events

2023/07/05
   EC - Commission response to text adopted in plenary
Documents
2023/06/09
   Final act published in Official Journal
Details

PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.

LEGISLATIVE ACT: Regulation (EU) 2023/1114 of the European Parliament and of the Council on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.

CONTENT : this Regulation lays down uniform requirements for the offer to the public and admission to trading on a trading platform of crypto-assets other than asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers.

This regulatory framework aims to protect investors , preserve financial stability , while allowing innovation and fostering the attractiveness of the crypto-asset sector.

In particular, this Regulation lays down the following:

- transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets;

- requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of e-money tokens, as well as for their operation, organisation and governance;

- requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading of crypto-assets;

- requirements for the protection of clients of crypto-asset service providers;

- measures to prevent insider dealing , unlawful disclosure of inside information and market manipulation related to crypto-assets, to ensure the integrity of markets in crypto-assets.

Scope of application

The new rules apply to issuers of utility tokens, tokens referring to assets and ‘stable cryptocurrencies’. They also apply to service providers such as trading platforms and wallets where crypto assets are held. Non-fungible tokens (NFTs), i.e. digital assets representing real objects such as works of art, music and videos, are excluded from the scope of the MiCA regulation unless they fall within existing categories of crypto-assets.

EU-wide rules for crypto-asset service providers

Crypto-asset service providers (CASPs) should have an authorisation to operate within the EU. National authorities should be required to issue authorisations within a timeframe of three months. Regarding the largest CASPs, national authorities should transmit relevant information regularly to the European Securities and Markets Authority (ESMA).

Consumer protection

To ensure their protection, prospective retail holders of crypto-assets should be informed of the characteristics, functions and risks of the crypto-assets that they intend to purchase. When making an offer to the public of crypto-assets other than asset-referenced tokens or e-money tokens or when seeking admission to trading of such crypto-assets in the Union, offerors or persons seeking admission to trading should draw up, notify to their competent authority and publish an information document containing mandatory disclosures (‘a crypto-asset white paper’).

A crypto-asset white paper should contain general information on the issuer, offeror or person seeking admission to trading, on the project to be carried out with the capital raised, on the offer to the public of crypto-assets or on their admission to trading, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such crypto-assets and on the related risks.

MiCA should protect consumers against some of the risks associated with the investment in crypto-assets and help them avoid fraudulent schemes. With the new rules, crypto-asset service providers should respect strong requirements to protect consumers wallets and become liable in case they lose investors’ crypto-assets.

Each holder of crypto-assets known as ‘stablecoins’ may be reimbursed at any time and free of charge by the issuer.

Moreover, actors in the crypto-assets market should be required to declare information on their environmental and climate footprint. The European Securities and Markets Authority (ESMA) should develop draft regulatory technical standards on the content, methodologies and presentation of information related to principal adverse environmental and climate-related impact.

Market manipulation and money laundering

The Regulation includes measures against market manipulation and to prevent money laundering, terrorist financing, and other criminal activities. In order to combat money laundering risks, ESMA will set up a public register for non-compliant crypto-asset service providers operating in the EU without authorisation.

Crypto-asset service providers, whose parent company is located in countries listed on the EU list of third countries considered at high risk for anti-money laundering activities, as well as on the EU list of non-cooperative jurisdictions for tax purposes, will be required to implement enhanced checks in line with the EU anti-money laundering framework.

Reports

Before 30 December 2024, the Commission will present a report on the latest developments in the field of crypto-assets, accompanied, where appropriate, by a legislative proposal. The report should include an assessment of developments in the markets for unique and non-fungible crypto-assets and the appropriate regulatory treatment of these crypto-assets, including an assessment of the need for regulation applicable to providers of unique and non-fungible crypto-assets as well as providers of services related to these crypto-assets.

By 30 June 2025, the European Commission will have to provide a report on the environmental impact of crypto-assets.

ENTRY INTO FORCE: 29.6.2023.

APPLICATION: from 30.12.2024.

2023/05/31
   CSL - Draft final act
Documents
2023/05/31
   CSL - Final act signed
2023/05/16
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2023/04/20
   EP - Results of vote in Parliament
2023/04/20
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 517 votes to 38, with 18 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.

The European Parliament's position adopted at first reading under the ordinary legislative procedure amends the Commission's proposal as follows:

Subject matter

This Regulation lays down uniform requirements for the offer to the public and admission to trading on a trading platform of crypto-assets other than asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers.

In particular, this Regulation lays down the following:

- transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets (‘admission to trading’);

- requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of electronic money tokens, as well as for their operation, organisation and governance;

- requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading;

- requirements for the protection of clients of crypto-asset service providers;

- measures to prevent insider dealing , unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of markets in crypto-assets.

The Regulation covers crypto-assets that are not regulated by existing financial services legislation. It applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union. It does not apply to crypto-assets that are unique and not fungible with other crypto-assets.

EU-wide rules for crypto-asset service providers

Under the new rules, crypto-asset service providers (CASPs) should have an authorisation to operate within the EU. National authorities should be required to issue authorisations within a timeframe of three months. Regarding the largest CASPs, national authorities should transmit relevant information regularly to the European Securities and Markets Authority (ESMA).

Consumer protection

MiCA should protect consumers against some of the risks associated with the investment in crypto-assets, and help them avoid fraudulent schemes. With the new rules, crypto-asset service providers should respect strong requirements to protect consumers wallets and become liable in case they lose investors’ crypto-assets. MiCA should also cover any type of market abuse related to any type of transaction or service, notably for market manipulation and insider dealing.

To ensure consumer protection, crypto-asset service providers that provide advice on crypto-assets, either at the request of a client or on their own initiative, or that provide portfolio management of crypto-assets, should make an assessment whether those crypto-asset services or crypto-assets are suitable for the clients, having regard to their clients’ experience, knowledge, objectives and ability to bear losses.

Where it is clear that the crypto-assets are not suitable for the clients, the crypto-asset service providers should not recommend such crypto-asset services or crypto-assets to those clients, nor begin providing portfolio management of crypto-assets.

When providing advice on crypto-assets, crypto-asset service providers should provide clients with a report, which should include the suitability assessment specifying the advice given and how it meets the preferences and objectives of clients.

A strong framework applicable to so-called ‘ stablecoins ’ is set up to protect consumers .

Actors in the crypto-assets market should be required to declare information on their environmental and climate footprint . The European Securities and Markets Authority (ESMA) should develop draft regulatory technical standards on the content, methodologies and presentation of information related to principal adverse environmental and climate-related impact.

ESMA register

ESMA should be required to maintain a of: (i) crypto-asset white papers for crypto-assets other than asset-referenced tokens and e-money tokens; (ii) issuers of asset-referenced tokens; (iii) issuers of e-money tokens; and ( iv) crypto-asset service providers. ESMA’s register sh ould be publicly available on its website .

The adopted text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities. To counter money-laundering risks the European Securities and Markets Authority (ESMA) should set up a public register for non-compliant crypto assets service providers that operate in the European Union without authorisation.

Crypto-asset service providers, whose parent company is located in countries listed on the EU list of third countries considered at high risk for anti-money laundering activities, as well as on the EU list of non-cooperative jurisdictions for tax purposes, will be required to implement enhanced checks in line with the EU anti-money laundering framework.

Reports

Within 18 months the European Commission should be tasked to prepare a comprehensive assessment and, if deemed necessary, a specific, proportionate and horizontal legislative proposal to create a regime for NFTs and address the emerging risks of such new market.

Within two years, the European Commission will have to provide a report on the environmental impact of crypto-assets .

Documents
2023/04/19
   EP - Debate in Parliament
2022/10/09
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2022/10/05
   CSL - Coreper letter confirming interinstitutional agreement
2022/10/05
   EP - Text agreed during interinstitutional negotiations
Documents
2022/04/04
   EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2022/03/23
   EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2022/03/17
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.

This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.

The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:

Objective of the Regulation

The Regulation would establish uniform rules on:

- transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;

- the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;

- the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;

- consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;

- measures to prevent market abuse to ensure the integrity of crypto-asset markets.

- measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.

This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.

By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.

Crypto-Assets, other than asset-referenced tokens or e-money tokens

No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:

- is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;

- has drafted a crypto-asset white paper in respect of those crypto-assets;

- has received authorisation from a competent authority;

- has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;

- does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.

Obligations for all crypto asset service providers

New provisions stipulate that crypto asset service providers should:

- act in an honest, fair and professional manner, in the best interests of their clients and potential clients;

- make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;

- have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;

- have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];

- apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;

- report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;

- investigate all complaints fairly and within three working days of receiving a complaint.

Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.

Role of the European Securities and Markets Authority (ESMA)

ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register

ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.

Documents
2022/03/14
   EP - Vote in committee, 1st reading
2022/03/14
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2021/10/26
   IT_CHAMBER - Contribution
Documents
2021/06/24
   EDPS - Document attached to the procedure
2021/06/03
   EP - Amendments tabled in committee
Documents
2021/06/03
   EP - Amendments tabled in committee
Documents
2021/06/03
   EP - Amendments tabled in committee
Documents
2021/06/03
   EP - Amendments tabled in committee
Documents
2021/05/09
   RO_SENATE - Contribution
Documents
2021/02/25
   EP - Committee draft report
Documents
2021/02/19
   ECB - European Central Bank: opinion, guideline, report
2021/01/31
   PT_PARLIAMENT - Contribution
Documents
2020/12/15
   CZ_CHAMBER - Contribution
Documents
2020/11/13
   EP - Committee referral announced in Parliament, 1st reading
2020/10/15
   EP - BERGER Stefan (EPP) appointed as rapporteur in ECON
2020/09/24
   EC - Document attached to the procedure
2020/09/24
   EC - Document attached to the procedure
2020/09/24
   EC - Document attached to the procedure
2020/09/24
   EC - Legislative proposal published
Details

PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).

This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.

As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).

When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.

There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.

A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.

CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.

General objectives

This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:

(1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;

(2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;

(3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;

(4) ensure financial stability.

Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.

Specific objectives

These include:

- removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;

- increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;

- limiting the risks of fraud and illicit practices in the crypto-asset markets;

- allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).

Safeguards

This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).

Budgetary implications

This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.

Documents

Activities

Votes

Marchés de cryptoactifs (MiCA) - Markets in Crypto-assets (MiCa) - Märkte für Kryptowerte - A9-0052/2022 - Stefan Berger - Accord provisoire - Am 2 #

2023/04/20 Outcome: +: 517, -: 38, 0: 18
FR DE IT ES PL NL HU RO SE DK AT IE BG BE FI SK CZ HR PT LT SI LU LV EE MT EL ?? CY
Total
67
82
59
53
42
28
19
21
19
14
16
12
11
18
10
12
18
12
16
8
6
6
5
5
3
7
1
3
icon: PPE PPE
137

Denmark PPE

For (1)

1

Finland PPE

For (1)

1

Slovenia PPE

3

Luxembourg PPE

2

Latvia PPE

For (1)

1

Estonia PPE

For (1)

1

Malta PPE

For (1)

1
2

PPE

1
icon: S&D S&D
113

Bulgaria S&D

2

Belgium S&D

For (1)

1

Czechia S&D

For (1)

1

Lithuania S&D

2

Slovenia S&D

For (1)

1

Luxembourg S&D

For (1)

1

Latvia S&D

2

Estonia S&D

For (1)

1

Malta S&D

2

Cyprus S&D

For (1)

1
icon: Renew Renew
87

Italy Renew

For (1)

1

Poland Renew

1

Hungary Renew

2
3

Austria Renew

For (1)

1

Ireland Renew

For (1)

1

Finland Renew

2

Croatia Renew

For (1)

1

Lithuania Renew

1

Slovenia Renew

2

Luxembourg Renew

2

Latvia Renew

For (1)

1

Estonia Renew

2

Greece Renew

1
icon: Verts/ALE Verts/ALE
61

Italy Verts/ALE

3

Poland Verts/ALE

For (1)

1

Netherlands Verts/ALE

3

Romania Verts/ALE

1

Sweden Verts/ALE

For (1)

1

Denmark Verts/ALE

2

Austria Verts/ALE

3

Ireland Verts/ALE

2

Belgium Verts/ALE

2

Finland Verts/ALE

2

Czechia Verts/ALE

3

Portugal Verts/ALE

1

Lithuania Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

For (1)

1
icon: ECR ECR
57

Germany ECR

1

Romania ECR

Against (1)

1

Sweden ECR

3

Bulgaria ECR

1

Belgium ECR

For (1)

3

Slovakia ECR

For (1)

1

Croatia ECR

1

Lithuania ECR

1
icon: ID ID
54

Denmark ID

Abstain (1)

1

Austria ID

Against (2)

2

Czechia ID

For (1)

Against (1)

2

Estonia ID

Abstain (1)

1
icon: NI NI
35

France NI

For (1)

Abstain (1)

2

Germany NI

Abstain (1)

2

Netherlands NI

Against (1)

1

Slovakia NI

Against (1)

1

Croatia NI

2

Latvia NI

1
icon: The Left The Left
29

Germany The Left

2

Netherlands The Left

For (1)

1

Sweden The Left

For (1)

1

Denmark The Left

1

Belgium The Left

Against (1)

1

Finland The Left

For (1)

1

Czechia The Left

1

Greece The Left

1

Cyprus The Left

2
AmendmentsDossier
1146 2020/0265(COD)
2021/06/03 ECON 1146 amendments...
source: 693.707

History

(these mark the time of scraping, not the official date of the change)

docs/13
date
2023-07-05T00:00:00
docs
url: /oeil/spdoc.do?i=57920&j=0&l=en title: SP(2023)260
type
Commission response to text adopted in plenary
body
EC
events/9
date
2023-04-20T00:00:00
type
Results of vote in Parliament
body
EP
docs
url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=57920&l=en title: Results of vote in Parliament
events/12
date
2023-06-09T00:00:00
type
Final act published in Official Journal
docs
events/13
date
2023-06-09T00:00:00
type
Final act published in Official Journal
docs
events/13/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • LEGISLATIVE ACT: Regulation (EU) 2023/1114 of the European Parliament and of the Council on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.
  • CONTENT : this Regulation lays down uniform requirements for the offer to the public and admission to trading on a trading platform of crypto-assets other than asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers.
  • This regulatory framework aims to protect investors , preserve financial stability , while allowing innovation and fostering the attractiveness of the crypto-asset sector.
  • In particular, this Regulation lays down the following:
  • - transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets;
  • - requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of e-money tokens, as well as for their operation, organisation and governance;
  • - requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading of crypto-assets;
  • - requirements for the protection of clients of crypto-asset service providers;
  • - measures to prevent insider dealing , unlawful disclosure of inside information and market manipulation related to crypto-assets, to ensure the integrity of markets in crypto-assets.
  • Scope of application
  • The new rules apply to issuers of utility tokens, tokens referring to assets and ‘stable cryptocurrencies’. They also apply to service providers such as trading platforms and wallets where crypto assets are held. Non-fungible tokens (NFTs), i.e. digital assets representing real objects such as works of art, music and videos, are excluded from the scope of the MiCA regulation unless they fall within existing categories of crypto-assets.
  • EU-wide rules for crypto-asset service providers
  • Crypto-asset service providers (CASPs) should have an authorisation to operate within the EU. National authorities should be required to issue authorisations within a timeframe of three months. Regarding the largest CASPs, national authorities should transmit relevant information regularly to the European Securities and Markets Authority (ESMA).
  • Consumer protection
  • To ensure their protection, prospective retail holders of crypto-assets should be informed of the characteristics, functions and risks of the crypto-assets that they intend to purchase. When making an offer to the public of crypto-assets other than asset-referenced tokens or e-money tokens or when seeking admission to trading of such crypto-assets in the Union, offerors or persons seeking admission to trading should draw up, notify to their competent authority and publish an information document containing mandatory disclosures (‘a crypto-asset white paper’).
  • A crypto-asset white paper should contain general information on the issuer, offeror or person seeking admission to trading, on the project to be carried out with the capital raised, on the offer to the public of crypto-assets or on their admission to trading, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such crypto-assets and on the related risks.
  • MiCA should protect consumers against some of the risks associated with the investment in crypto-assets and help them avoid fraudulent schemes. With the new rules, crypto-asset service providers should respect strong requirements to protect consumers wallets and become liable in case they lose investors’ crypto-assets.
  • Each holder of crypto-assets known as ‘stablecoins’ may be reimbursed at any time and free of charge by the issuer.
  • Moreover, actors in the crypto-assets market should be required to declare information on their environmental and climate footprint. The European Securities and Markets Authority (ESMA) should develop draft regulatory technical standards on the content, methodologies and presentation of information related to principal adverse environmental and climate-related impact.
  • Market manipulation and money laundering
  • The Regulation includes measures against market manipulation and to prevent money laundering, terrorist financing, and other criminal activities. In order to combat money laundering risks, ESMA will set up a public register for non-compliant crypto-asset service providers operating in the EU without authorisation.
  • Crypto-asset service providers, whose parent company is located in countries listed on the EU list of third countries considered at high risk for anti-money laundering activities, as well as on the EU list of non-cooperative jurisdictions for tax purposes, will be required to implement enhanced checks in line with the EU anti-money laundering framework.
  • Reports
  • Before 30 December 2024, the Commission will present a report on the latest developments in the field of crypto-assets, accompanied, where appropriate, by a legislative proposal. The report should include an assessment of developments in the markets for unique and non-fungible crypto-assets and the appropriate regulatory treatment of these crypto-assets, including an assessment of the need for regulation applicable to providers of unique and non-fungible crypto-assets as well as providers of services related to these crypto-assets.
  • By 30 June 2025, the European Commission will have to provide a report on the environmental impact of crypto-assets.
  • ENTRY INTO FORCE: 29.6.2023.
  • APPLICATION: from 30.12.2024.
events/12
date
2023-06-09T00:00:00
type
Final act published in Official Journal
docs
procedure/final
title
Regulation 2023/1114
url
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32023R1114
procedure/stage_reached
Old
Procedure completed, awaiting publication in Official Journal
New
Procedure completed
events/11
date
2023-05-31T00:00:00
type
Final act signed
body
CSL
procedure/stage_reached
Old
Awaiting signature of act
New
Procedure completed, awaiting publication in Official Journal
docs/13/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/14/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/15/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/16/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
docs/12
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/12
date
2023-05-31T00:00:00
docs
title: 00054/2022/LEX
type
Draft final act
body
CSL
docs/13
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/13
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/13/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/14
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/14/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/15
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/15/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/16
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
events/10
date
2023-05-16T00:00:00
type
Act adopted by Council after Parliament's 1st reading
body
EP/CSL
procedure/stage_reached
Old
Awaiting Council's 1st reading position
New
Awaiting signature of act
docs/12/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/13/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/14/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/15/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
docs/12/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/13/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/14/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/15/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
docs/12/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/13/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/14/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/15/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
docs/12/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/13/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/14/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/15/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
docs/12
date
2023-04-20T00:00:00
docs
url: https://www.europarl.europa.eu/doceo/document/TA-9-2023-0117_EN.html title: T9-0117/2023
type
Text adopted by Parliament, 1st reading/single reading
body
EP
events/9/summary
  • The European Parliament adopted by 517 votes to 38, with 18 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • The European Parliament's position adopted at first reading under the ordinary legislative procedure amends the Commission's proposal as follows:
  • Subject matter
  • This Regulation lays down uniform requirements for the offer to the public and admission to trading on a trading platform of crypto-assets other than asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers.
  • In particular, this Regulation lays down the following:
  • - transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets (‘admission to trading’);
  • - requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of electronic money tokens, as well as for their operation, organisation and governance;
  • - requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading;
  • - requirements for the protection of clients of crypto-asset service providers;
  • - measures to prevent insider dealing , unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of markets in crypto-assets.
  • The Regulation covers crypto-assets that are not regulated by existing financial services legislation. It applies to natural and legal persons and certain other undertakings that are engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union. It does not apply to crypto-assets that are unique and not fungible with other crypto-assets.
  • EU-wide rules for crypto-asset service providers
  • Under the new rules, crypto-asset service providers (CASPs) should have an authorisation to operate within the EU. National authorities should be required to issue authorisations within a timeframe of three months. Regarding the largest CASPs, national authorities should transmit relevant information regularly to the European Securities and Markets Authority (ESMA).
  • Consumer protection
  • MiCA should protect consumers against some of the risks associated with the investment in crypto-assets, and help them avoid fraudulent schemes. With the new rules, crypto-asset service providers should respect strong requirements to protect consumers wallets and become liable in case they lose investors’ crypto-assets. MiCA should also cover any type of market abuse related to any type of transaction or service, notably for market manipulation and insider dealing.
  • To ensure consumer protection, crypto-asset service providers that provide advice on crypto-assets, either at the request of a client or on their own initiative, or that provide portfolio management of crypto-assets, should make an assessment whether those crypto-asset services or crypto-assets are suitable for the clients, having regard to their clients’ experience, knowledge, objectives and ability to bear losses.
  • Where it is clear that the crypto-assets are not suitable for the clients, the crypto-asset service providers should not recommend such crypto-asset services or crypto-assets to those clients, nor begin providing portfolio management of crypto-assets.
  • When providing advice on crypto-assets, crypto-asset service providers should provide clients with a report, which should include the suitability assessment specifying the advice given and how it meets the preferences and objectives of clients.
  • A strong framework applicable to so-called ‘ stablecoins ’ is set up to protect consumers .
  • Actors in the crypto-assets market should be required to declare information on their environmental and climate footprint . The European Securities and Markets Authority (ESMA) should develop draft regulatory technical standards on the content, methodologies and presentation of information related to principal adverse environmental and climate-related impact.
  • ESMA register
  • ESMA should be required to maintain a of: (i) crypto-asset white papers for crypto-assets other than asset-referenced tokens and e-money tokens; (ii) issuers of asset-referenced tokens; (iii) issuers of e-money tokens; and ( iv) crypto-asset service providers. ESMA’s register sh ould be publicly available on its website .
  • The adopted text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities. To counter money-laundering risks the European Securities and Markets Authority (ESMA) should set up a public register for non-compliant crypto assets service providers that operate in the European Union without authorisation.
  • Crypto-asset service providers, whose parent company is located in countries listed on the EU list of third countries considered at high risk for anti-money laundering activities, as well as on the EU list of non-cooperative jurisdictions for tax purposes, will be required to implement enhanced checks in line with the EU anti-money laundering framework.
  • Reports
  • Within 18 months the European Commission should be tasked to prepare a comprehensive assessment and, if deemed necessary, a specific, proportionate and horizontal legislative proposal to create a regime for NFTs and address the emerging risks of such new market.
  • Within two years, the European Commission will have to provide a report on the environmental impact of crypto-assets .
docs/13/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/14/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/15/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/16/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
docs/13/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/14/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/15/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/16/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
docs/12
date
2023-04-20T00:00:00
docs
url: https://www.europarl.europa.eu/doceo/document/TA-9-2023-0117_EN.html title: T9-0117/2023
type
Text adopted by Parliament, 1st reading/single reading
body
EP
events/8/docs
  • url: https://www.europarl.europa.eu/doceo/document/CRE-9-2023-04-19-TOC_EN.html title: Debate in Parliament
events/9
date
2023-04-20T00:00:00
type
Decision by Parliament, 1st reading
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/TA-9-2023-0117_EN.html title: T9-0117/2023
forecasts
  • date: 2023-04-20T00:00:00 title: Vote in plenary scheduled
procedure/stage_reached
Old
Awaiting Parliament's position in 1st reading
New
Awaiting Council's 1st reading position
events/8
date
2023-04-19T00:00:00
type
Debate in Parliament
body
EP
forecasts/0
date
2023-04-19T00:00:00
title
Debate in plenary scheduled
docs/12/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/13/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/14/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/15/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
docs/12/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/13/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/14/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/15/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
forecasts/0/date
Old
2023-04-18T00:00:00
New
2023-04-19T00:00:00
forecasts/1
date
2023-04-20T00:00:00
title
Vote in plenary scheduled
forecasts/0
date
2023-04-18T00:00:00
title
Debate in plenary scheduled
forecasts/0
date
2023-04-17T00:00:00
title
Indicative plenary sitting date
docs/12/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/13/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/14/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/15/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
docs/12/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/13/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/14/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/15/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
docs/10/docs/0/url
https://www.europarl.europa.eu/RegData/commissions/econ/lcag/2022/10-05/ECON_LA(2022)006309_EN.pdf
events/7/docs/1
url
https://www.europarl.europa.eu/RegData/commissions/econ/lcag/2022/10-05/ECON_LA(2022)006309_EN.pdf
title
GEDA/A/(2022)006309
docs/10
date
2022-10-05T00:00:00
docs
title: PE737.220
type
Committee letter confirming interinstitutional agreement
body
EP
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/13/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/14
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/15
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/16
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
docs/17
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
events/0/body
Old
EP
New
EC
events/0/date
Old
2020-11-13T00:00:00
New
2020-09-24T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Committee referral announced in Parliament, 1st reading
New
Legislative proposal published
events/1/date
Old
2022-03-14T00:00:00
New
2020-11-13T00:00:00
events/1/type
Old
Vote in committee, 1st reading
New
Committee referral announced in Parliament, 1st reading
events/2/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Vote in committee, 1st reading
events/3/date
Old
2022-03-17T00:00:00
New
2022-03-14T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/4/date
Old
2022-03-23T00:00:00
New
2022-03-17T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee report tabled for plenary, 1st reading
events/5/date
Old
2022-04-04T00:00:00
New
2022-03-23T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/6/date
Old
2022-10-10T00:00:00
New
2022-04-04T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/15
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/16
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/17
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/17/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/0/body
Old
EC
New
EP
events/0/date
Old
2020-09-24T00:00:00
New
2020-11-13T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Legislative proposal published
New
Committee referral announced in Parliament, 1st reading
events/1/date
Old
2020-11-13T00:00:00
New
2022-03-14T00:00:00
events/1/type
Old
Committee referral announced in Parliament, 1st reading
New
Vote in committee, 1st reading
events/2/type
Old
Vote in committee, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/3/date
Old
2022-03-14T00:00:00
New
2022-03-17T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Committee report tabled for plenary, 1st reading
events/4/date
Old
2022-03-17T00:00:00
New
2022-03-23T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/5/date
Old
2022-03-23T00:00:00
New
2022-04-04T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/6/date
Old
2022-04-04T00:00:00
New
2022-10-10T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/13/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/14
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/15
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/16
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
docs/17
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
events/0/body
Old
EP
New
EC
events/0/date
Old
2020-11-13T00:00:00
New
2020-09-24T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Committee referral announced in Parliament, 1st reading
New
Legislative proposal published
events/1/date
Old
2022-03-14T00:00:00
New
2020-11-13T00:00:00
events/1/type
Old
Vote in committee, 1st reading
New
Committee referral announced in Parliament, 1st reading
events/2/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Vote in committee, 1st reading
events/3/date
Old
2022-03-17T00:00:00
New
2022-03-14T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/4/date
Old
2022-03-23T00:00:00
New
2022-03-17T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee report tabled for plenary, 1st reading
events/5/date
Old
2022-04-04T00:00:00
New
2022-03-23T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/6/date
Old
2022-10-10T00:00:00
New
2022-04-04T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/15
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/16
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/17
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/17/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/0/body
Old
EC
New
EP
events/0/date
Old
2020-09-24T00:00:00
New
2020-11-13T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Legislative proposal published
New
Committee referral announced in Parliament, 1st reading
events/1/date
Old
2020-11-13T00:00:00
New
2022-03-14T00:00:00
events/1/type
Old
Committee referral announced in Parliament, 1st reading
New
Vote in committee, 1st reading
events/2/type
Old
Vote in committee, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/3/date
Old
2022-03-14T00:00:00
New
2022-03-17T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Committee report tabled for plenary, 1st reading
events/4/date
Old
2022-03-17T00:00:00
New
2022-03-23T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/5/date
Old
2022-03-23T00:00:00
New
2022-04-04T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/6/date
Old
2022-04-04T00:00:00
New
2022-10-10T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
forecasts
  • date: 2023-04-17T00:00:00 title: Indicative plenary sitting date
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/13/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/14
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/15
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/16
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
docs/17
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
events/0/body
Old
EP
New
EC
events/0/date
Old
2020-11-13T00:00:00
New
2020-09-24T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Committee referral announced in Parliament, 1st reading
New
Legislative proposal published
events/1/date
Old
2022-03-14T00:00:00
New
2020-11-13T00:00:00
events/1/type
Old
Vote in committee, 1st reading
New
Committee referral announced in Parliament, 1st reading
events/2/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Vote in committee, 1st reading
events/3/date
Old
2022-03-17T00:00:00
New
2022-03-14T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/4/date
Old
2022-03-23T00:00:00
New
2022-03-17T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee report tabled for plenary, 1st reading
events/5/date
Old
2022-04-04T00:00:00
New
2022-03-23T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/6/date
Old
2022-10-10T00:00:00
New
2022-04-04T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/15
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/16
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/17
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/17/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/0/body
Old
EC
New
EP
events/0/date
Old
2020-09-24T00:00:00
New
2020-11-13T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Legislative proposal published
New
Committee referral announced in Parliament, 1st reading
events/1/date
Old
2020-11-13T00:00:00
New
2022-03-14T00:00:00
events/1/type
Old
Committee referral announced in Parliament, 1st reading
New
Vote in committee, 1st reading
events/2/type
Old
Vote in committee, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/3/date
Old
2022-03-14T00:00:00
New
2022-03-17T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Committee report tabled for plenary, 1st reading
events/4/date
Old
2022-03-17T00:00:00
New
2022-03-23T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/5/date
Old
2022-03-23T00:00:00
New
2022-04-04T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/6/date
Old
2022-04-04T00:00:00
New
2022-10-10T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/13/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/14
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/15
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/16
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
docs/17
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
events/0/body
Old
EP
New
EC
events/0/date
Old
2020-11-13T00:00:00
New
2020-09-24T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Committee referral announced in Parliament, 1st reading
New
Legislative proposal published
events/1/date
Old
2022-03-14T00:00:00
New
2020-11-13T00:00:00
events/1/type
Old
Vote in committee, 1st reading
New
Committee referral announced in Parliament, 1st reading
events/2/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Vote in committee, 1st reading
events/3/date
Old
2022-03-17T00:00:00
New
2022-03-14T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/4/date
Old
2022-03-23T00:00:00
New
2022-03-17T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee report tabled for plenary, 1st reading
events/5/date
Old
2022-04-04T00:00:00
New
2022-03-23T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/6/date
Old
2022-10-10T00:00:00
New
2022-04-04T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/7/date
Old
2022-10-10T00:00:00
New
2022-10-09T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/13
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/14
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/14/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/15
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/15
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/15/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/16
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/16
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/16/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/17
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/17/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/0/body
Old
EC
New
EP
events/0/date
Old
2020-09-24T00:00:00
New
2020-11-13T00:00:00
events/0/docs
  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2020/0593/COM_COM(2020)0593_EN.pdf title: COM(2020)0593
  • url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2020&nu_doc=0593 title: EUR-Lex
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
events/0/type
Old
Legislative proposal published
New
Committee referral announced in Parliament, 1st reading
events/1/date
Old
2020-11-13T00:00:00
New
2022-03-14T00:00:00
events/1/type
Old
Committee referral announced in Parliament, 1st reading
New
Vote in committee, 1st reading
events/2/type
Old
Vote in committee, 1st reading
New
Committee decision to open interinstitutional negotiations with report adopted in committee
events/3/date
Old
2022-03-14T00:00:00
New
2022-03-17T00:00:00
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/3/type
Old
Committee decision to open interinstitutional negotiations with report adopted in committee
New
Committee report tabled for plenary, 1st reading
events/4/date
Old
2022-03-17T00:00:00
New
2022-03-23T00:00:00
events/4/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/4/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/4/type
Old
Committee report tabled for plenary, 1st reading
New
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
events/5/date
Old
2022-03-23T00:00:00
New
2022-04-04T00:00:00
events/5/type
Old
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
New
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
events/6/date
Old
2022-04-04T00:00:00
New
2022-10-10T00:00:00
events/6/docs
  • url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/6/type
Old
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
New
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
events/7/date
Old
2022-10-09T00:00:00
New
2022-10-10T00:00:00
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
forecasts
  • date: 2023-02-13T00:00:00 title: Indicative plenary sitting date
forecasts
  • date: 2023-02-13T00:00:00 title: Indicative plenary sitting date
events/7
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
events/8
date
2022-10-09T00:00:00
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
body
EP
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf title: PE737.216
docs/10
date
2022-10-05T00:00:00
docs
title: PE737.216
type
Text agreed during interinstitutional negotiations
body
EP
docs/10
date
2022-10-05T00:00:00
docs
title: PE737.220
type
Committee letter confirming interinstitutional agreement
body
EP
docs/11
date
2022-10-05T00:00:00
docs
title: GEDA/A/(2022)006309
type
Coreper letter confirming interinstitutional agreement
body
CSL
docs/12
date
2022-10-05T00:00:00
docs
title: PE737.216
type
Text agreed during interinstitutional negotiations
body
EP
docs/12/docs/0/url
http://www.europarl.europa.eu/RegData/commissions/econ/inag/2022/10-05/ECON_AG(2022)737216_EN.pdf
docs/10
date
2022-10-05T00:00:00
docs
title: PE737.216
type
Text agreed during interinstitutional negotiations
body
EP
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/10
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/10/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/11
date
2020-12-16T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/11
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/11/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/12
date
2021-02-01T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/12
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/12/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/13
date
2021-05-10T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/13
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/13/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
docs/14
date
2021-10-27T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
events/0
date
2020-09-24T00:00:00
type
Legislative proposal published
body
EC
docs
summary
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/10
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/11
date
2020-12-15T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/11
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/11/date
Old
2020-12-15T00:00:00
New
2020-12-16T00:00:00
docs/12
date
2021-01-31T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/12
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/12/date
Old
2021-01-31T00:00:00
New
2021-02-01T00:00:00
docs/13
date
2021-05-09T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/13
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/13/date
Old
2021-05-09T00:00:00
New
2021-05-10T00:00:00
docs/14
date
2021-10-26T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/14/date
Old
2021-10-26T00:00:00
New
2021-10-27T00:00:00
events/0
date
2020-09-24T00:00:00
type
Legislative proposal published
body
EC
docs
summary
procedure/Legislative priorities/0
title
Joint Declaration 2022
url
https://oeil.secure.europarl.europa.eu/oeil/popups/thematicnote.do?id=41360&l=en
docs/10/docs/0/url
Old
http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593
New
https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593
docs/11/docs/0/url
Old
http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593
New
https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593
docs/12/docs/0/url
Old
http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593
New
https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593
docs/13/docs/0/url
Old
http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593
New
https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2020)0593
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/10
date
2020-12-16T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/10/date
Old
2020-12-16T00:00:00
New
2020-12-15T00:00:00
docs/11
date
2020-12-16T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
docs/11
date
2021-02-01T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/11/date
Old
2021-02-01T00:00:00
New
2021-01-31T00:00:00
docs/12
date
2021-02-01T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/12
date
2021-05-10T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/12/date
Old
2021-05-10T00:00:00
New
2021-05-09T00:00:00
docs/13
date
2021-05-10T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
docs/13
date
2021-10-27T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
docs/13/date
Old
2021-10-27T00:00:00
New
2021-10-26T00:00:00
docs/14
date
2021-10-27T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
events/0
date
2020-09-24T00:00:00
type
Legislative proposal published
body
EC
docs
summary
docs/11
date
2022-03-17T00:00:00
docs
url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
type
Committee report tabled for plenary, 1st reading/single reading
body
EP
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted the report by Stefan BERGER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937.
  • This proposal is part of a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing rules. It aims to update the existing rules on information accompanying money transfers. The update aims to extend the scope of the rules to certain crypto-assets, which are increasingly at risk of being exploited for criminal and money laundering purposes.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Objective of the Regulation
  • The Regulation would establish uniform rules on:
  • - transparency and disclosure requirements for the issuance, offering and admission to trading of crypto-assets on a crypto-asset trading platform;
  • - the authorisation and supervision of crypto-asset service providers and issuers and offerors of both asset-referenced tokens and issuers of electronic money tokens;
  • - the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
  • - consumer protection rules for the issuance, trading, exchange and custody of crypto-assets;
  • - measures to prevent market abuse to ensure the integrity of crypto-asset markets.
  • - measures to prevent the misuse of crypto-assets for illicit purposes and to protect the internal market from the risks relating to money laundering, terrorist financing and other criminal activities.
  • This Regulation applies to persons that are engaged in the issuance or offering of crypto-assets for the purpose of trading or providing services related to the trading of crypto-assets in the Union.
  • By 1 January 2025, the Commission should include crypto-asset mining in the economic activities that contribute substantially to climate change mitigation in the EU Sustainable Finance Taxonomy.
  • Crypto-Assets, other than asset-referenced tokens or e-money tokens
  • No person should offer crypto-assets, other than asset-referenced tokens or e-money tokens, in the Union to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto-assets, unless that person:
  • - is a legal entity established in the Union , a natural person having its residence in the Union, or an entity established or having a seat in the Union and subject to the rights and obligations of the Union, or is a decentralised autonomous organisation;
  • - has drafted a crypto-asset white paper in respect of those crypto-assets;
  • - has received authorisation from a competent authority;
  • - has measures in place to prevent the misuse of the offering of crypto-assets to the public or trading on a platform for crypto-assets for the purposes of money laundering or financing of terrorism ;
  • - does not have a parent undertaking, or a subsidiary, that is established in a third country that: (i) is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing; (ii) has a 0 % corporate tax rate or no taxes on companies’ profits.
  • Obligations for all crypto asset service providers
  • New provisions stipulate that crypto asset service providers should:
  • - act in an honest, fair and professional manner, in the best interests of their clients and potential clients;
  • - make publicly available, in a prominent place on their website, information related to the environmental and climate-related impact of each crypto-asset in relation to which they offer services;
  • - have effective internal control mechanisms and procedures to ensure full traceability of all transfers of crypto-assets for payment purposes within the EU, as well as transfers of crypto-assets from the EU to other regions or from other regions to the EU;
  • - have effective internal controls and procedures for the prevention, detection and investigation of money laundering, terrorist financing and other criminal activities in accordance with the [Money Laundering Regulation];
  • - apply adequate customer due diligence procedures by identifying and verifying client identity on the basis of documents, data or information obtained from a reliable and independent source and by identifying the identity of the beneficial owner and taking reasonable measures to verify that person's identity. Internal control mechanisms and procedures should provide for enhanced due diligence measures for customers that wish to transfer crypto-assets to or from unhosted wallets;
  • - report immediately to the competent authorities any reasonable suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to the financing of terrorism or other criminal activity, and provide all necessary information directly to the competent authority upon request;
  • - investigate all complaints fairly and within three working days of receiving a complaint.
  • Crypto-asset service providers carrying out specified services should have in place a plan that is appropriate to support an orderly wind-down of their activities under applicable national law, including the continuity or recovery of any critical activities performed by those service providers or by any third party entities.
  • Role of the European Securities and Markets Authority (ESMA)
  • ESMA should establish and maintain a public register of ‘ non-compliant crypto-asset service providers ’ and regularly update this register
  • ESMA should be conferred sufficient powers to supervise the issuance of crypto-assets, including asset-referenced tokens, as well as crypto-asset service providers, including the power to suspend or prohibit an issuance of crypto-assets or the provision of a crypto-asset service and to investigate infringements of the rules on market abuse. It should monitor and report annually on the scale and severity of any circumvention of this Regulation by third-country actors, as well as propose possible countermeasures.
events/5
date
2022-04-04T00:00:00
type
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
body
EP
events/4
date
2022-03-23T00:00:00
type
Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
body
EP
docs/11
date
2022-03-17T00:00:00
docs
url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
type
Committee report tabled for plenary, 1st reading/single reading
body
EP
events/3/docs
  • url: https://www.europarl.europa.eu/doceo/document/A-9-2022-0052_EN.html title: A9-0052/2022
events/3
date
2022-03-17T00:00:00
type
Committee report tabled for plenary, 1st reading
body
EP
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament's position in 1st reading
events/1
date
2022-03-14T00:00:00
type
Vote in committee, 1st reading
body
EP
events/2
date
2022-03-14T00:00:00
type
Committee decision to open interinstitutional negotiations with report adopted in committee
body
EP
forecasts
  • date: 2022-03-14T00:00:00 title: Vote scheduled in committee
procedure/Other legal basis
Rules of Procedure EP 159
forecasts
  • date: 2022-03-14T00:00:00 title: Vote scheduled in committee
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
docs/14
date
2021-10-27T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
IT_CHAMBER
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
docs/10
date
2021-06-24T00:00:00
docs
type
Document attached to the procedure
body
EDPS
docs/6/docs/0/url
https://www.europarl.europa.eu/doceo/document/ECON-AM-693707_EN.html
docs/7/docs/0/url
https://www.europarl.europa.eu/doceo/document/ECON-AM-693740_EN.html
docs/8/docs/0/url
https://www.europarl.europa.eu/doceo/document/ECON-AM-693741_EN.html
docs/9/docs/0/url
https://www.europarl.europa.eu/doceo/document/ECON-AM-693742_EN.html
docs/0
date
2020-09-24T00:00:00
docs
summary
type
Legislative proposal
body
EC
docs/6
date
2021-06-03T00:00:00
docs
title: PE693.707
type
Amendments tabled in committee
body
EP
docs/7
date
2021-06-03T00:00:00
docs
title: PE693.740
type
Amendments tabled in committee
body
EP
docs/8
date
2021-06-03T00:00:00
docs
title: PE693.741
type
Amendments tabled in committee
body
EP
docs/9
date
2021-06-03T00:00:00
docs
title: PE693.742
type
Amendments tabled in committee
body
EP
events/0
date
2020-09-24T00:00:00
type
Legislative proposal published
body
EC
docs
summary
docs/7
date
2021-05-10T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
RO_SENATE
events/1/body
EP
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
docs/3
date
2021-02-19T00:00:00
docs
type
European Central Bank: opinion, guideline, report
body
ECB
docs/3/docs/0/url
Old
https://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE663.215
New
https://www.europarl.europa.eu/doceo/document/ECON-PR-663215_EN.html
events/1
date
2020-11-13T00:00:00
type
Committee referral announced in Parliament, 1st reading
events/1
date
2020-11-13T00:00:00
type
Committee referral announced in Parliament, 1st reading/single reading
body
EP
procedure/title
Old
Markets in Crypto-assets, and amending Directive on Protection of persons reporting on breaches of Union law
New
Digital finance: Markets in Crypto-assets (MiCA)
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
docs/5
date
2021-02-01T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
PT_PARLIAMENT
docs/3/docs/0/url
https://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE663.215
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: ??? abbr: Unknown Group
shadows
docs/3
date
2021-02-25T00:00:00
docs
title: PE663.215
type
Committee draft report
body
EP
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: ??? abbr: Unknown Group
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: EPP - Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: EPP - Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: ??? abbr: Unknown Group
shadows
committees/0/shadows/5
name
MACMANUS Chris
group
GUE/NGL
abbr
Confederal Group of the European United Left
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: ??? abbr: Unknown Group
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
docs/3
date
2020-12-16T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2020)0593 title: COM(2020)0593
type
Contribution
body
CZ_CHAMBER
procedure/Legislative priorities
  • title: Joint Declaration 2021 url: https://oeil.secure.europarl.europa.eu/oeil/popups/thematicnote.do?id=2066000&l=en
commission
  • body: EC dg: Financial Stability, Financial Services and Capital Markets Union commissioner: MCGUINNESS Mairead
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
events/1
date
2020-11-13T00:00:00
type
Committee referral announced in Parliament, 1st reading/single reading
body
EP
procedure/dossier_of_the_committee
  • ECON/9/04223
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
committees/0
type
Responsible Committee
body
EP
committee_full
Economic and Monetary Affairs
committee
ECON
associated
False
rapporteur
name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
shadows
otherinst
  • name: European Economic and Social Committee
procedure/other_consulted_institutions
European Economic and Social Committee
committees/0/shadows/2
name
JAKI Patryk
group
European Conservatives and Reformists Group
abbr
ECR
committees/3/opinion
False
committees/0/shadows/0
name
KOVAŘÍK Ondřej
group
Renew Europe group
abbr
Renew
committees/0/rapporteur
  • name: BERGER Stefan date: 2020-10-15T00:00:00 group: Group of European People's Party abbr: EPP
committees/2/opinion
False
committees/5/opinion
False
committees/0/shadows
  • name: RINALDI Antonio Maria group: Identity and Democracy abbr: ID
committees/4/opinion
False
docs/0
date
2020-09-24T00:00:00
docs
title: SEC(2020)0306
type
Document attached to the procedure
body
EC
docs/0
date
2020-09-24T00:00:00
docs
type
Legislative proposal
body
EC
docs/0/docs/0
url
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=SECfinal&an_doc=2020&nu_doc=0306
title
EUR-Lex
docs/1
date
2020-09-24T00:00:00
docs
title: SEC(2020)0306
type
Document attached to the procedure
body
EC
events/0/summary
  • PURPOSE: to establish a new fully harmonised EU legal framework regarding the proper functioning of crypto-asset markets.
  • PROPOSED ACT: Regulation of the European Parliament and of the Council.
  • ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
  • BACKGROUND: this proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks. The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the Union’s financial services legislation is fit for the digital age, and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies. The Union has a stated and confirmed policy interest in developing and promoting the uptake of transformative technologies in the financial sector, including blockchain and distributed ledger technology (DLT).
  • This package also includes a proposal for a pilot regime on distributed ledger technology market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
  • As a reminder, in finance, crypto-assets are one of the major DLT applications. Crypto-assets are digital representations of value or rights that have the potential to bring significant benefits to both market participants and consumers. By streamlining capital-raising processes and enhancing competition, issuances of crypto-assets can allow for a cheaper, less burdensome and more inclusive way of financing small and medium-sized enterprises (SMEs).
  • When used as a means of payment, payment tokens can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries. Some crypto-assets qualify as financial instruments. The majority of crypto-assets, however, fall outside of the scope of Union legislation on financial services.
  • There are no rules for services related to crypto-assets. The lack of an overall Union framework for crypto-assets can lead to regulatory fragmentation and a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies.
  • A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto-assets and related activities and services and to clarify the applicable legal framework.
  • CONTENT: this proposal therefore seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. It shall replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money.
  • General objectives
  • This proposal, which covers crypto-assets falling outside existing EU financial services legislation, as well as e-money tokens, has four general objectives:
  • (1) provide legal certainty: for crypto-asset markets to develop within the EU, there is a need for a sound legal framework, clearly defining the regulatory treatment of all crypto-assets that are not covered by existing financial services legislation;
  • (2) support innovation and fair competition: to promote the development of crypto-assets and the wider use of DLT, it is necessary to put in place a safe and proportionate framework to support innovation and fair competition;
  • (3) instil appropriate levels of consumer and investor protection and market integrity given that crypto-assets not covered by existing financial services legislation present many of the same risks as more familiar financial instruments;
  • (4) ensure financial stability.
  • Crypto-assets are continuously evolving. While some have a quite limited scope and use, others, such as the emerging category of ‘stablecoins’, have the potential to become widely accepted and potentially systemic.
  • Specific objectives
  • These include:
  • - removing regulatory obstacles to the issuance, trading and post-trading of crypto-assets that qualify as financial instruments, while respecting the principle of technological neutrality;
  • - increasing the sources of funding for companies through increased Initial Coin Offerings and Securities Token Offerings;
  • - limiting the risks of fraud and illicit practices in the crypto-asset markets;
  • - allowing EU consumers and investors to access new investment opportunities or new types of payment instruments in particular for cross-border situations (EU passporting).
  • Safeguards
  • This proposal includes safeguards to address potential risks to financial stability and orderly monetary policy that could arise from ‘stablecoins’. Safeguards include capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer. Issuers of significant asset-backed crypto-assets (so-called global ‘stablecoins') shall be subject to more stringent requirements (e.g. in terms of capital, investor rights and supervision).
  • Budgetary implications
  • This proposal holds implications in terms of costs and administrative burden for national competent authorities, the European Banking Authority and the European Securities and Markets Authority. The magnitude and distribution of these costs will depend on the precise requirements placed on crypto-asset issuers and service providers and the related supervisory and monitoring tasks. The estimated supervisory costs for each Member State (including staff, training, IT infrastructure and dedicated investigative tools) can range from EUR 350 000 to EUR 500 000 per year, with one-off costs estimated at EUR 140 000.
committees/1/opinion
False