E-003004/3021
Answer given by Ms McGuinness
On behalf of the European Commission (16.8.2021)
The Commission is working on measures with regard to the issues highlighted by the Honourable Member. In this respect, the Commission put forward its proposal for a Regulation for Markets in Crypto-Assets /1 (MiCA) in September 2020.
The proposal covers all crypto-assets currently not regulated under existing financial services legislation, including so-called stablecoins. If adopted, the proposal will strengthen market integrity and consumer protection in these markets, and will address potential risks to financial stability. Additionally, the proposal, in combination with the proposed Regulation on digital operational resilience /2, aims to increase providers’ operational resilience with regard to hacks, for example.
As some crypto-assets are volatile, like some traditional financial instruments, consumers should always be aware of the risks entailed before investing. MiCA puts in place transparency rules, including a requirement for issuers to publish a crypto-asset white paper containing information on the characteristics, functions and risks of crypto-assets they intend to issue.
In addition, in February 2018, the European Supervisory Authorities warned about the high risks of buying and holding crypto-assets and reiterated this warning in March 2021.
—
1 Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 – COM/2020/593 final.
2 Proposal for a Regulation of the European Parliament and of the Council on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014 and (EU) No 909/2014 – COM/2020/595 final.
© European Union, 2021 – EP