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 Full text 
Wednesday, 7 October 2020 - Brussels Provisional edition

Digital Finance: emerging risks in crypto-assets - regulatory and supervisory challenges in the area of financial services, institutions and markets - Further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation (debate)

  Eva Kaili (S&D). – Madam President, we welcome the Digital Finance Strategy of the Commission as well as the Crypto-assets Regulation, and thank you, Vice-President, because both the files address the expectations and concerns of the initiative report of this House.

Digital finance and crypto-assets can be considered valuable for the transition to better financial markets, but also a more efficient payment regime to remove barriers of cross-border payments, and they should definitely be based on solid political principles. We definitely need to see technological neutrality combined with business model neutrality, and the regulator should not favour only legacy business models.

Secondly, digital finance is about data, not just crypto-assets, and more about open finance, so even broader than open banking.

Thirdly, a risk-based approach is necessary, putting investor and consumer protection first, but knowledge and understanding of the technologies is equally necessary, otherwise we would be less cautious and more fearful of innovation.

And fourthly, the scandal of Wirecard showed that technological risks should be addressed by harmonised supervision and strong RegTech, because these failures of Germany showed that no country can address data-intensive financial services with the current inefficiencies and lack of data governance. So thank you for taking this into consideration and for your work until now.

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