On 23 November 2021, the Council of the EU announced that it had adopted its position on two important components of the digital finance package – the ‘Regulation on Markets in Crypto Assets’ (MiCA) and the ‘Digital Operational Resilience Act’ (DORA).
The purpose of MiCA is to create a regulatory framework for the crypto-assets market that supports innovation and draws on the potential of crypto-assets in a way that preserves financial stability and protects investors.
DORA aims to create a regulatory framework on digital operational resilience whereby all firms ensure they can withstand all types of ICT-related disruptions and threats, in order to prevent and mitigate cyber threats.
The Council and European Parliament will now enter trilogue negotiations on the proposals. Once a provisional political agreement is found between their negotiators, both institutions will formally adopt the regulations.