The European Parliament recently approved a group of commissioners who will oversee regulations around digital assets, including cryptocurrencies. While crypto was not highlighted as a core topic, these commissioners will play a crucial role in ensuring that rules around digital assets are implemented effectively.
The EU was the first major jurisdiction to establish a comprehensive legislative package for cryptocurrencies known as the Markets in Crypto Assets legislation (MiCA). While stablecoin rules have already been implemented, the remaining rules are expected to come into force soon.
Although there is no specific commissioner role dedicated solely to crypto, some commissioners from France, Finland, and Portugal will have digital assets within their remit as the EU continues to advance its crypto regulations. The industry is hoping for international cooperation to ensure that regulations are consistent and interoperable across the globe.
In addition to monitoring MiCA compliance, the commissioners will also be exploring the need for additional regulations. They will be assessing decentralized finance activities, lending and borrowing of crypto assets, and non-fungible tokens to determine if further regulation is necessary.
The commissioners will also be evaluating whether to make the Distributed Ledger Technology pilot permanent, establishing a legal framework for the digital euro, and analyzing member states’ legislation for financial asset tokenization.
Each commissioner appointed by the EU commission will have a specific focus area, but they are all interconnected. Crypto is a trans-sectoral topic that can impact various areas such as trade, economic safety, finance, and innovation. Commissioners from Portugal, Finland, and France are likely to have oversight over crypto regulations.
For example, France’s Stéphane Séjourné will be responsible for industrial strategy, small and medium-sized enterprises, and the single market. Portugal’s Maria Luís Albuquerque will oversee financial services and the savings and investment union. And Finland’s Henna Virkkunen will focus on tech, sovereignty, security, and democracy, which includes aspects related to Web3.
Overall, the newly appointed commissioners will play a crucial role in shaping the future of crypto regulations in the EU and ensuring that digital assets are effectively regulated and monitored. Their decisions and actions will have a significant impact on the development and growth of the crypto industry within the European Union.
