The European Parliament has officially approved its slate of commissioners, including those responsible for overseeing regulations surrounding digital assets. This decision comes after European Parliament President Ursula Von der Leyen proposed a list of commissioners in September, with a focus on ensuring the implementation of digital asset rules.
The European Union (EU) has been at the forefront of crypto legislation, having established the Markets in Crypto Assets legislation (MiCA) last year. While stablecoin rules have already been enforced, the remaining regulations are expected to come into effect by December. Despite crypto not being a core topic for any specific commissioner role, the EU is committed to ensuring compliance with MiCA.
Mark Foster, EU policy lead at the Crypto Council for Innovation, stated that there may not be a significant legislative agenda in the blockchain and digital space in the coming year. However, commissioners will need to monitor digital assets falling under their remit as the EU advances its crypto regulations.
The commissioners are also tasked with exploring the need for additional regulations in the crypto space. Marcel Haag, director of Horizontal Policies at the European Commission, highlighted the requirement to present a report on developments in crypto assets and assess the necessity of regulating decentralized finance activities, lending, borrowing of crypto assets, and non-fungible tokens.
Additionally, the commissioners will decide whether to make the Distributed Ledger Technology pilot program permanent and review a proposal for establishing a legal framework for the digital euro. They will also conduct a legal analysis on member states’ legislation for financial asset tokenization.
The EU commission, as the executive branch of the EU, plays a crucial role in shaping policies and regulations. Each member state appoints a commissioner, with responsibilities ranging from trade and climate to finance and technology. Crypto is viewed as a trans-sectoral topic, with the potential to engage various sectors within the commission.
Key commissioners to watch include Stéphane Séjourné from France, who oversees industrial strategy and SMEs and may have oversight of the crypto sector. Maria Luís Albuquerque from Portugal is responsible for financial services and the savings and investment union, potentially leading a future MiCA 2.0 initiative. Henna Virkkunen from Finland will focus on tech, sovereignty, security, and democracy, with a keen interest in digital technologies and cybersecurity.
Overall, the EU commissioners play a crucial role in shaping the regulatory landscape for digital assets and ensuring compliance with existing legislation such as MiCA. Their decisions will impact the future of the crypto industry within the EU.