On 19 December 2019, the European Commission launched a public consultation on the potential changes to make to existing financial regulations and the novelties to include to ensure the sustainable development of the crypto-assets markets in Europe.
This consultation is the culmination of a regulatory process that began in March 2018 with the publication of the European Commission’s Fintech action plan, and fed by the work of the EBA and ESMA published in January 2019. The responses to this consultation are intended to feed into the development by the Commission services of a strategic roadmap for digital finance, known as a “new Digital Finance Strategy for the EU” . As such, it constitutes a decisive step for future reforms of financial regulation, connected with innovation, and it is therefore crucial that stakeholders build on it.
Alongside this consultation dedicated to the regulation of the crypto-assets markets, the European Commission also published a document on digital operational resilience in the field of financial services. Both publications are clear signals that bode well for future legislative proposals.
The document on the regulatory framework applicable to the crypto-assets markets is structured around four main axes. The first is of a general nature with a series of questions aimed at better understanding the use of crypto-assets by the general public. The other three topics are more technical: they concern the appropriateness of the financial regulations in place, or the advisability of adopting new rules to meet the specific characteristics of the crypto-assets markets. They are aimed at financial market practitioners (regulatory authorities, historical market participants, and new “crypto” players).
The deadline for responses via an online questionnaire is 19 March 2020 at the latest.
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