Renew Europe ensures that the EU becomes the leading global actor on setting crypto-assets standards

The Renew Europe Group welcomes the European Parliament’s clear backing of the Markets in Crypto-assets Regulation (MiCA), which makes the EU the first global jurisdiction to have a comprehensive and sound framework for trading in digital assets, by clearly defining the regulatory treatment of crypto-assets that are not covered by existing financial services legislation.

Renew Europe advocated for a final text that foresees a harmonised approach that is proportionate, enabling innovation and future-proof, while also ensuring financial stability, fair competition, consumer and investor protection and addressing sustainability concerns. In addition, our MEPs have worked hard to make this regulation compatible with the ongoing anti-money laundering package.

MEP Ondřej Kovařík (ANO, Czechia), Renew Europe’s shadow rapporteur on this file, said:

“The European Parliament has agreed to a landmark deal on the MiCA Regulation. This marks the first steps in framing the crypto-asset market in Europe, with the objective of giving certainty to investors, and a predictable framework for crypto firms operating within the EU Single Market. We now need strong cooperation between stakeholders and competent authorities to ensure clear understanding, implementation and enforcement of the new rules on all sides, particularly on licensing requirements."

Likewise, our political group embraces the endorsement of the revised transfer of funds regulation (EU 2015/847). This reinforces the EU policy on preventing money laundering and terrorism financing by ensuring crypto-asset transfers (out of the EU scope so far) have the same requirements as for cross-border wire transfers, so as to secure adequate oversight, and to clearly identify both providers and beneficiaries. In the context of the ongoing crisis in Ukraine, this regulation plays a pivotal role in preventing sanction circumvention by Russians linked to Putin’s regime.

MEP Ondřej Kovařík:

"I believe the approved regulation strikes the right balance in mitigating risks and fighting money laundering in the crypto sector without preventing innovation and overburdening businesses, particularly smaller businesses."

Renew Europe has been a leading voice in the European debate on crypto since it held the rapporteurship for the Digital Finance Report, adopted by the European Parliament in 2020, and has consistently called for a strong regulatory framework for crypto-assets, in order to ensure the EU is adequately equipped to manage the digital transition.