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Parliamentary question - E-000809/2022(ASW)Parliamentary question

Answer given by Ms McGuinness on behalf of the European Commission

The Commission adopted an ambitious Digital Finance Strategy[1] and a legislative proposal on Markets in Crypto-Assets Regulation (MiCA)[2] in September 2020.

These proposals did not include a ban on Bitcoin. The Commission welcomes the start of the trilogues on the MiCA proposal. The Commission’s Digital Finance Strategy encourages the development of and investment in low or zero emission Distributed Ledger Technology (DLT) through the use of the sustainable finance taxonomy, which could include promoting the use of less energy intensive consensus mechanisms.

Most crypto-assets are not practical for payment purposes due to their high volatility. However, the underlying blockchain technology could offer both cost and efficiency gains, as illustrated by tokenised e-money. MiCA clarifies the regulatory treatment of these tokens and provides a robust foundation upon which they can further develop.

As for the broader development and use of crypto-assets, MiCA was proposed to promote responsible innovation by bringing legal certainty for innovators, ensuring market integrity and adequate levels of consumer protection, and to preserve financial stability.

MiCA will represent the first holistic framework of this kind from any major jurisdiction and will support the overall competitiveness of a responsible and well-regulated crypto-asset sector in the EU.

Last updated: 25 April 2022
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