BETA

Activities of Paul TANG related to 2020/0265(COD)

Plenary speeches (1)

Markets in Crypto-assets (MiCa) - Information accompanying transfers of funds and certain crypto-assets (recast) (debate)
2023/04/19
Dossiers: 2020/0265(COD)

Amendments (23)

Amendment 16 #
Proposal for a regulation
Recital 1
(1) The Commission’s communication on a Digital Finance Strategy32 aims 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), provided this transformation is fully in line with the objectives of the EU green deal and based on climate friendly technologies. _________________ 32Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions on a Digital Finance Strategy for EU COM(2020)591.
2021/06/03
Committee: ECON
Amendment 34 #
Proposal for a regulation
Recital 5
(5) 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. Such harmonised framework should also cover services related to crypto-assets where these services are not yet covered by Union legislation on financial services. Such a framework should support innovation and fair competition, while ensuring a high level of consumer protection and market integrity in crypto-asset markets. A clear framework should enable crypto-asset service providers to scale up their business on a cross-border basis and should facilitate their access to banking services to run their activities smoothly. It should also ensure financial stability and address monetary policy risks that could arise from crypto- assets that aim at stabilising their price by referencing a currency, an asset or a basket of such. While increasing consumer protection, market integrity and financial stability through the regulation of offers to the public of crypto-assets or services related to such crypto-assets, a Union framework on markets in crypto-assets should not regulensure thate the underlying technology and should allow for the use of both permissionless and permission-based distributed ledgerre climate friendly and in line with the EU green deal objectives.
2021/06/03
Committee: ECON
Amendment 66 #
Proposal for a regulation
Recital 13
(13) To ensure that all offers to the public of crypto-assets, other than asset- referenced tokens or e-money tokens, in the Union, or all the admissions of such crypto-assets to trading on a trading platform for crypto-assets are properly monitored and supervised by competent authorities, all issuers of crypto-assets should be legal entities whose corporate structure should not incorporate entities established in either non cooperative jurisdictions for tax purposes or high risk third countries.
2021/06/03
Committee: ECON
Amendment 89 #
Proposal for a regulation
Recital 27
(27) To ensure the proper supervision and monitoring of offers to the public of asset-referenced tokens, issuers of asset- referenced tokens should have a registered office in the Union and its corporate structure should not incorporate entities established in either non cooperative jurisdictions for tax purposes or high risk third countries.
2021/06/03
Committee: ECON
Amendment 105 #
Proposal for a regulation
Recital 35
(35) Issuers of asset-referenced tokens are usually at the centre of a network of entities that ensure the issuance of such crypto-assets, their transfer and their distribution to holders. Issuers of asset- referenced tokens should therefore be required to establish and maintain appropriate contractual arrangements with those third-party entities ensuring the stabilisation mechanism and the investment of the reserve assets backing the value of the tokens, the custody of such reserve assets, and, where applicable, the distribution of the asset-referenced tokens to the public. The corporate structure of issuers of asset referenced tokens should not incorporate entities established in either non cooperative jurisdictions for tax purposes or high risk third countries.
2021/06/03
Committee: ECON
Amendment 122 #
Proposal for a regulation
Recital 50
(50) Crypto-asset services should only be provided by legal entities that have a registered office in a Member State and that have been authorised as a crypto-asset service provider by the competent authority of the Member State where its registered office is located and its corporate structure should not incorporate entities established in either non cooperative jurisdictions for tax purposes or high risk third countries. The notion of crypto asset service provider is wide .The whole lifecycle of a crypto asset service is relevant, and the decentralization of any individual element of operations does not affect the qualification as a crypto asset service provider and does not relieve such a provider of its obligations. The qualification of crypto asset service provider leads to the application of the Travel Rule, which requires the crypto asset service providers to perform extensive Know Your Customer and Anti- Money Laundering checks for the originator and beneficiary of transactions.
2021/06/03
Committee: ECON
Amendment 273 #
Proposal for a regulation
Article 4 – paragraph 1 – point e a (new)
(ea) 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 in accordance with Directive (EU) 2015/849 of the European Parliament and of the Council;
2021/06/03
Committee: ECON
Amendment 274 #
Proposal for a regulation
Article 4 – paragraph 1 – point e b (new)
(eb) does not have a parent undertaking, or a subsidiary, that is established in: (a) a third country which is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing, in accordance with Article 9 of Directive (EU)2015/849;(aa) third country which is listed in Annex I *or Annex II* of the EU list of non-cooperative jurisdictions for tax purposes;” (aaa) third jurisdictions with a 0 % corporate tax rate or with no taxes on companies’ profits.
2021/06/03
Committee: ECON
Amendment 275 #
Proposal for a regulation
Article 4 – paragraph 1 – point e c (new)
(ec) issues crypto-assets which are generated through ‘proof of stake’ mechanisms;
2021/06/03
Committee: ECON
Amendment 327 #
Proposal for a regulation
Article 5 – paragraph 1 – point g a (new)
(ga) information on the validation mechanism or consensus process, namely how the crypto-asset is generated through “proof of stake” mechanisms;
2021/06/03
Committee: ECON
Amendment 328 #
Proposal for a regulation
Article 5 – paragraph 1 – point g b (new)
(gb) a description of sustainability indicators in relation to adverse impacts on the climate and other environmental, social and governance-related adverse impacts related to the issuance of the crypto-asset;
2021/06/03
Committee: ECON
Amendment 354 #
Proposal for a regulation
Article 7 – paragraph 3 – point d a (new)
(da) 3a.The notification of the crypto- asset white paper shall also explain how the issuer complies with paragraphs (ea) (eb) and (ec) of Article 4 (1).
2021/06/03
Committee: ECON
Amendment 387 #
Proposal for a regulation
Article 15 – paragraph 2 a (new)
2a. Legal entities referred to in paragraph 2 shall not have a parent undertaking, or a subsidiary, that is established in: (a) a third country which is listed as a high-risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing, in accordance with Article 9 of Directive (EU)2015/849; (aa) third country which is listed in Annex I *or Annex II* of the EU list of non- cooperative jurisdictions for tax purposes;” (aaa) a jurisdictions with a 0 % corporate tax rate or with no taxes on companies’ profits.
2021/06/03
Committee: ECON
Amendment 405 #
Proposal for a regulation
Article 16 – paragraph 2 – point o a (new)
(oa) a description of the internal policies in place to prevent the misuse of asset-referenced tokens for the purposes of money laundering or financing of terrorism, in accordance with in accordance with Directive (EU) 2015/849 of the European Parliament and of the Council.
2021/06/03
Committee: ECON
Amendment 406 #
Proposal for a regulation
Article 16 – paragraph 2 – point o b (new)
(ob) a description of the validation mechanism or consensus process, namely how the asset-referenced token is generated through “proof of stake” mechanisms.
2021/06/03
Committee: ECON
Amendment 407 #
Proposal for a regulation
Article 16 – paragraph 2 – point o c (new)
(oc) a description of sustainability indicators in relation to adverse impacts on the climate and other environmental, social and governance-related adverse impacts of the issuance of the asset- referenced tokens.
2021/06/03
Committee: ECON
Amendment 420 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1 – point h a (new)
(ha) information on the validation mechanism or consensus process, namely how the asset-referenced token is generated through “proof of stake” mechanisms
2021/06/03
Committee: ECON
Amendment 421 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1 – point h b (new)
(hb) a description of sustainability indicators in relation to adverse impacts on the climate and other environmental, social and governance-related adverse impacts related to the issuance of the asset-referenced token
2021/06/03
Committee: ECON
Amendment 669 #
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 1 – point c a (new)
(ca) does not have a parent undertaking, or a subsidiary, that is established in: i)a third country which is listed as a high- risk third country that has strategic deficiencies in its regime on anti-money laundering and counter terrorist financing, in accordance with Article 9 of Directive (EU) 2015/849 of the European Parliament and of the Council; ii)a third country that is listed in Annex I or annex II of the EU list of non- cooperative jurisdictions for tax purposes; iii) third jurisdictions with a 0 % corporate tax rate or with no taxes on companies’ profits.
2021/06/03
Committee: ECON
Amendment 715 #
Proposal for a regulation
Article 46 – paragraph 2 – point g a (new)
(ga) information on the validation mechanism or consensus process, namely how the e-money token is generated through “proof of stake” mechanisms
2021/06/03
Committee: ECON
Amendment 716 #
Proposal for a regulation
Article 46 – paragraph 2 – point g b (new)
(gb) description of sustainability indicators in relation to adverse impacts on the climate and other environmental, social and governance-related adverse impacts related to the issuance of the e- money token
2021/06/03
Committee: ECON
Amendment 762 #
Proposal for a regulation
Article 53 – paragraph 1 – subparagraph 1
1. Crypto-asset services shall only be provided by legal persons that have a registered office in a Member State of the Union and that have been authorised as crypto-asset service providers in accordance with Article 55crypto asset service providers as defined in art 3 par 1 point 8. These providers will have a registered office in a Member State of the Union and does not have a parent undertaking, or a subsidiary, that is established in (a) third country which is listed as a high- risk third country having strategic deficiencies in its regime on anti-money laundering and counter terrorist financing, in accordance with Article 9 of Directive (EU)2015/849; (aa) third country which is listed in Annex I *or Annex II* of the EU list of non- cooperative jurisdictions for tax purposes;” (aaa) third country jurisdictions with a 0 % corporate tax rate or with no taxes on companies’ profits. The crypto asset service providers have been authorised as crypto-asset service providers in accordance with Article 55 and will only provide services linked to crypto assets which are not generated by a proof of work mechanism.
2021/06/03
Committee: ECON
Amendment 809 #
Proposal for a regulation
Article 54 – paragraph 2 – point r a (new)
(ra) a description of the applicant crypto assets service provider’s internal control mechanisms and procedures for compliance with Directive 2015/849 of the European Parliament and the Council as well as a description of the internal procedures to report on a regular basis crypto transactions to the competent tax authorities.
2021/06/03
Committee: ECON