On 5 December 2019, the European Commission (Commission) published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, following the final Economic and Financial Affairs Council (ECOFIN) meeting under the Finnish Presidency.
Among other things, ECOFIN announced the endorsement of a joint statement with the Commission on stablecoins (see previous blog here). Mr Dombrovskis describes that a number of Member States, such as France, Germany and Malta, have introduced national cryptoassets regimes. However, he states that most would agree with the advice of the European Supervisory Authorities that cryptoassets markets go beyond borders and, therefore, a common European framework is required.
The Commission will move to implement the European Supervisory Authorities’ advice on cryptoassets and will launch a public consultation before the end of 2019. In addition, the Commission will launch a public consultation on the digital operational resilience of the financial sector, for example against cyber attacks.