Crypto-assets: What the EU is doing and why?
A comprehensive framework for crypto-assets and related services to ensure that the Union financial services are fit for the digital age.
Digitalisation is transforming finance. This can lead to innovative new products, services, applications and business models. Digital finance has a key role to play in shaping a more competitive, sustainable, resilient economy – and a more inclusive, modern, prosperous society.
A crypto-asset is a digital representation of value or a right that can be transferred or stored electronically using distributed ledger technology or similar technology. Crypto assets are a digital innovation that can streamline capital-raising processes, enhance competition and create an innovative and inclusive way of financing for consumers and SMEs. Crypto-assets can also be used as a means of payment and can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting intermediaries.
The EU has adopted a comprehensive legislative framework that regulates the issuing of crypto assets as well as the services provided in respect of crypto-assets. This framework covers the crypto-assets and related services and activities that are not covered by other Union legislative acts on financial services.
A dedicated and harmonised framework for markets in crypto-assets will support innovation, will provide for the proportionate treatment of issuers of crypto-assets and crypto asset service providers to scale up their business cross borders, and provide significant benefits in terms of cheaper, faster and safer financial services and asset management.
Policy making timeline
- 8 November 2023: Legislation – Crypto-assets (MiCa) Launch of a 4-week feedback process on 4 delegated acts in view of their adoption
- 29 June 2023: Legislation – Crypto-assets (MiCa) The Markets in Crypto-assets Regulation (MiCa) came into force.
- 9 June 2023: Legislation – Crypto-assets (MiCa) Publication of the Markets in Crypto-assets Regulation (MiCa) in the Official Journal.
- 30 June 2022: Political agreement – Crypto-assets (MiCa) Political agreement between the European Parliament and the Council on a regulatory framework for crypto-assets.
- 24 September 2020: Legislative proposal – Crypto-assets (MiCa) & digital operational resilience (DoRa)Digital finance package containing
- a digital finance strategy with
- legislative proposals on crypto-assets to draw on the possibilities offered by crypto-assets, while mitigating risks for investors and financial stability (including MiCa)
- legislative proposals for an EU regulatory framework on digital operational resilience: prevent and mitigate cyber threats (including DoRa)
- legislative proposals on crypto-assets to draw on the possibilities offered by crypto-assets, while mitigating risks for investors and financial stability (including MiCa)
- a renewed strategy for modern and safe retail payments
- a digital finance strategy with
- 3 April 2020: Consultation – Digital finance strategy The Commission launched a consultation on a new digital finance strategy for Europe / FinTech action plan.
End date: 26 June 2020 - February 2020 – July 2022: Events and call for projects – Digital finance outreach The digital finance outreach was a series of events and call for projects focusing on digital finance and digital innovation in the financial sector. The aim of these events is to present, inform and shape the EU digital finance strategy.
- 19 December 2019: Consultation – Crypto-assets & digital operational resilience The Commission launched two consultations
- 8 March 2018: Action plan – FinTechFinTech action plan
Relevant legislation
Regulation (EU) 2023/1114 – Markets in Crypto-assets (MiCa)
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