The European Commission adopted on 24th of September a digital finance package which includes a digital finance strategy and legislative proposals on crypto-assets not regulated before like ‘stable coins’.
The objective is to promote a competitive financial sector giving consumers access to innovative financial products ensuring consumer protection and financial stability.
The digital finance strategy according to the Commission document has four main priorities: removing fragmentation in the Digital Single Market, adapting the EU regulatory framework to facilitate digital innovation, promoting a data-driven finance and addressing the challenges and risks with digital transformation.
The Commission also proposes a framework on crypto-assts not regulated before like ‘stable coins’ with strict requirements for issuers of crypto-assets in Europe and crypto-asset service providers wishing to apply for an authorisation to provide their services in the single market like capital requirements, custody of assets, a mandatory complaint holder procedure available to investors, and rights of the investor against the issuer, liquidity management and interoperability requirements.