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Parliamentary questions
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12 January 2021
Answer given by Ms McGuinness
on behalf of the European Commission
Question reference: E-005216/2020

As part of the digital finance package, published on 24 September, the Commission adopted a legislative proposal to establish an EU regulatory framework for Markets in Crypto-assets (MiCA)(1).

The proposal harmonises national legislations and aims at providing legal certainty, consumer protection, and market integrity in the crypto-asset markets across the single market, as well as ensuring financial stability.

To that effect, the proposal sets requirements for issuers of crypto-assets and crypto-asset service providers wishing to operate in the single market.

These safeguards include for example capital requirements, rules on the safekeeping of assets, and a mandatory complaint procedure available to users.

Issuers of asset referenced tokens and e-money tokens (so-called ‘stablecoins’), and in particular significant assetreferenced tokens, are subject to additional requirements, including on the reserve of assets backing the value of the crypto-assets. .

If, in future a central bank in the EU issues a central bank digital currency, this would be out of the scope of MiCA, since such a digital currency would be a liability of the central bank, and therefore a form of public money.

(1)COM(2020) 593 final. https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1602846276005&uri=CELEX:52020PC0593
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