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REPORT (2025/2208(INI))

On digital assets – challenges for the competitiveness and integrity of the European Union’s financial system

A-10-2026-0186

Committee on Economic and Monetary Affairs · Rapporteur: Johan Van Overtveldt

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This resolution addresses digital assets and their impact on the EU's financial system, covering crypto-assets, tokenisation, stablecoins, and cross-cutting issues. It supports a system-wide, activity-based, and technologically neutral regulatory approach, and calls for targeted revisions to EU frameworks, including assessing regulation of crypto-asset lending, staking, NFTs, and decentralised finance under MiCAR. It urges effective enforcement of MiCAR, strengthening data capabilities and AML/CFT measures, and facilitating tokenisation with interoperability and international cooperation. It welcomes euro-denominated e-money tokens and calls for legal clarity on multi-issuance of stablecoins, while stressing the need for robust safeguards and international coordination. It also calls for common technical standards, interoperability with DLT, and monitoring of non-EU dependencies in digital finance.

Committee position. The Committee on Economic and Monetary Affairs proposes a resolution that supports a balanced regulatory approach, urging the Commission to assess extending MiCAR to new areas and to ensure effective enforcement, while promoting innovation and international cooperation.

Key points

  1. Supports a system-wide, activity-based and technologically neutral approach for EU financial services regulation.
  2. Underlines DLT and tokenisation potential for the Savings and Investment Union, and stresses the importance of interoperability.
  3. Urges the Commission to assess regulating crypto-asset lending, borrowing, staking, NFTs, and decentralised finance under MiCAR.
  4. Calls for effective enforcement of MiCAR and asks Member States to avoid additional requirements beyond MiCAR and the Transfer of Funds Regulation.
  5. Urges strengthening data capabilities on leverage and interlinkages, and monitoring crypto-asset interconnectedness with the financial system.
  6. Calls on supervisory authorities to strengthen dialogue on significant multi-function groups and align MiCAR policy for them.
  7. Calls for developing technical expertise to monitor smart contract security, decentralised network governance, cyber-resilience, and operational risks.
  8. Expresses concern about crypto-assets in evading AML/CFT and sanctions, and stresses strengthening supervisory tools and enforcement.
  9. Stresses that tokenised financial instruments must grant rights equivalent to traditional securities to prevent regulatory arbitrage.
  10. Urges the Commission to facilitate tokenisation, ensure interoperability, and prevent fragmentation across the single market.
  11. Welcomes euro-denominated e-money tokens and stresses harmonised liquidity-risk and crisis-management frameworks for stablecoins.
  12. Calls for legal certainty on multi-issuance of stablecoins and international coordination on global stablecoin regulation.

Who is affected

  • EU institutions and bodies: Commission, EBA, ESMA, AMLA, national competent authorities, ECB, ESRB.
  • Crypto-asset issuers and service providers, especially those dealing with stablecoins and tokenised assets.
  • Investors and users of digital assets, who may benefit from increased efficiency but face risks.
  • Non-EU service providers of DLT infrastructure, as the EU seeks to reduce dependence.

Figures and deadlines

  • 9.7% of survey respondents owned crypto-assets, with 54% holding below EUR 1,000 and 91% below EUR 20,000.
  • Global crypto market capitalisation was EUR 2.03 trillion on 10 February 2026, with stablecoins at EUR 261 billion (12.9%).
  • Tokenised assets represented around 1% of global digital assets in February 2026.
  • Global crypto workforce stood at over 1.6 million professionals in 2025.