On 24 June 2020, the European Commission published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on digital finance.

In terms of crypto-assets Mr Dombrovskis states that Europe is in a position to lead the way on regulation and for this a common approach is needed which supports and stimulates innovation. The Commission plans to present legislation in this area later this year. For those crypto-assets that are already covered by EU rules, Mr Dombrovskis mentions that there are several areas that need adjusting to make sure that they remain fit for purpose.

Mr Dombrovskis also mentions that the Commission is working on legislation for all financial institutions to comply with standards of operational resilience. The Commission plans to present this in early autumn. Among other areas, the proposals will set out effective channels for reporting cyber incidents and identify tools for testing the cyber-resilience of financial firms.