Sittings · Document

Draft report (2025/2208(INI)) 2026-03-24

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

Committee on Economic and Monetary Affairs

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Amendment 1

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Citation -1 (new)

Motion for a resolution

Amendment

– having regard to Directive 2014/65/EU of 15 May 2014 on markets in financial instruments (MiFID II) and Regulation (EU) No 600/2014 of 15 May 2014 on markets in financial instruments (MiFIR),

Or. en

Amendment 2

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Citation -1 a (new)

Motion for a resolution

Amendment

– having regard to Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets (MiCA),

Or. en

Amendment 3

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Citation -1 b (new)

Motion for a resolution

Amendment

– having regard to the legislative package on market integration adopted by the European Commission on 4 December 2025 as part of the Savings and Investments Union, including the proposal for a Regulation 2025/0383 (COD), the proposal for a Directive 2025/0382 (COD), and the proposal for a Regulation 2025/0381 (COD), which aim to remove barriers to innovation to support market efficiency through convergence towards a unified distributed ledger technology (DLT) framework,

Or. en

Amendment 4

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Citation -1 c (new)

Motion for a resolution

Amendment

– having regard to the European Securities and Markets Authority's Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments of 19 March 2025,

Or. en

Amendment 5

Stefan Berger

Motion for a resolution

Citation 1 a (new)

Motion for a resolution

Amendment

– having regard to the Commission’s proposal of 2025 on the Market Infrastructure Support Package (MISP), including measures to facilitate the use of distributed ledger technology (DLT) in financial market infrastructures and support the safe deployment of DLT-based systems across the Union,

Or. en

Amendment 6

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Citation 1 a (new)

Motion for a resolution

Amendment

– having regard to the ECB Working Paper No 3199 of March 2026 entitled 'Stablecoins and monetary policy transmission',

Or. en

Amendment 7

Maria Ohisalo

Motion for a resolution

Citation 3 a (new)

Motion for a resolution

Amendment

– having regard to the European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) joint report on recent developments in crypto-assets of 16 January 2025,

Or. en

Amendment 8

Maria Ohisalo

Motion for a resolution

Citation 3 b (new)

Motion for a resolution

Amendment

– having regard to the report of the European Banking Authority (EBA) of October 2025 entitled ‘Report on tackling money laundering and terrorist financing risks in crypto-asset services through supervision - Lessons learned from recent cases’,

Or. en

Amendment 9

Maria Ohisalo

Motion for a resolution

Citation 7 a (new)

Motion for a resolution

Amendment

– having regard to the report of the Financial Stability Board (FSB) of 16 October 2025 entitled ‘Thematic Review on FSB Global Regulatory Framework for Crypto-asset Activities’,

Or. en

Amendment 10

Maria Ohisalo

Motion for a resolution

Citation 10 a (new)

Motion for a resolution

Amendment

– having regard to the Financial Action Task Force (FATF) Targeted Report on Stablecoins and Unhosted Wallets - Peer-to-Peer Transactions of March 2026,

Or. en

Amendment 11

Markus Ferber

Motion for a resolution

Citation 11 a (new)

Motion for a resolution

Amendment

– having regard to the OECD policy paper " Tokenisation of assets and distributed ledger technologies in financial markets - Potential impediments to market development and policy implications"1a of 9 January 2025,

_________________

1a OECD Business and Finance Policy Papers, No. 75

Or. en

Amendment 12

Maria Ohisalo

Motion for a resolution

Citation 11 a (new)

Motion for a resolution

Amendment

– having regard to the conclusions of the European Parliament Legal Service on the third country multi-issuance of stablecoins under the MiCA Regulation,

Or. en

Amendment 13

Markus Ferber

Motion for a resolution

Citation 11 b (new)

Motion for a resolution

Amendment

– having regard to the Eurosystem's publication "Appia – paving the way for a futureready, integrated financial ecosystem leveraging tokenisation and DLT"1a of 11 March 2026,

_________________

1a https://www.ecb.europa.eu/press/payments-news/ecb.pubconpm202603.en.pdf

Or. en

Amendment 14

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the total global market capitalisation of crypto-assets stood at EUR 2.03 trillion on 10 February 2026 with a market share of 12.9 % for stablecoins, or EUR 261 billion, based on private data sources; whereas, according to ECB Working Paper No 3199, market expectations indicate robust growth in stablecoin issuance, ranging from USD 900 billion to 4 trillion by 2030, of which only a range between approximately USD 20 billion and 300 billion is forecast to consist of stablecoins referencing currencies other than the U.S. dollar;

Or. en

Amendment 15

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the total global market capitalisation of crypto-assets stood at EUR 2.03 trillion on 10 February 2026 with a market share of 12.9 % for stablecoins, or EUR 261 billion, based on private data sources; whereas these data, although based on private and non-harmonised sources, show that crypto-assets are increasingly embedded in global financial markets and therefore require more systematic prudential oversight by European supervisory authorities;

Or. it

Amendment 16

Jussi Saramo

Motion for a resolution

Recital B a (new)

Motion for a resolution

Amendment

B a. whereas approximately 75% of stablecoin market capitalisation and 95% of daily trading volume are concentrated in two dollar-denominated stablecoins, Tether's USDT and Circle's USDC;

Or. en

Amendment 17

Jussi Saramo

Motion for a resolution

Recital B b (new)

Motion for a resolution

Amendment

B b. whereas the value of unbacked crypto assets, such as bitcoin, is driven by market demand, thus rendering such assets highly volatile;

Or. en

Amendment 18

Jonás Fernández, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Recital D a (new)

Motion for a resolution

Amendment

D a. whereas well-regulated crypto assets and EU-denominated stablecoins can have a role in the Savings and Investment Union; whereas, however, crypto continues to represent risks linked to speculative behaviour, limited transparency and extreme price volatility, raising financial stability concerns within the Single Market, which makes clear unambiguous rules, pro-active regulators and harmonised supervision an absolute pre-condition;

Or. en

Amendment 19

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Recital D a (new)

Motion for a resolution

Amendment

Da. whereas the increasing internationalisation of crypto-asset markets and distributed ledger technology-based infrastructure calls for enhanced regulatory and supervisory cooperation between the European Union and the jurisdictions of its main global partners with a view to safeguarding international financial stability;

Or. it

Amendment 20

Fernando Navarrete Rojas

Motion for a resolution

Recital D a (new)

Motion for a resolution

Amendment

D a. whereas approximately 75% of stablecoin market capitalisation and 95% of daily trading volume are concentrated in two dollar-denominated stablecoins; whereas the euro-denominated stablecoin market is comparatively small, at EUR 493.7 million around 0.1% of the stablecoin market.1a

_________________

1a Digital Assets: EU regulatory framework, market uptake, risks and challenges (EGOV)

Or. en

Amendment 21

Markus Ferber

Motion for a resolution

Recital D a (new)

Motion for a resolution

Amendment

D a. whereas the European Union was one of the first jurisdictions to create a framework for crypto assets with the Markets in Crypto Assets Regulation and the DLT Pilot Regime;

Or. en

Amendment 22

Fernando Navarrete Rojas

Motion for a resolution

Recital D b (new)

Motion for a resolution

Amendment

D b. whereas the Bank of International Settlements (BIS) warns that even though Stablecoins offer some promise on tokenisation, they fall short of requirements to be the mainstay of the monetary system when set against the three key tests of singleness, elasticity and integrity1a

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1a https://www.bis.org/publ/arpdf/ar2025e3.pdf

Or. en

Amendment 23

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Recital D b (new)

Motion for a resolution

Amendment

D b. whereas the ECB upholds that, if stablecoins linked to non-euro currencies, such as the U.S. dollar, were to become widely used in the euro area, the risks to monetary policy would increase significantly, especially in an uncertain geopolitical climate;

Or. en

Amendment 24

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Recital D c (new)

Motion for a resolution

Amendment

D c. whereas the ECB and the ESRB have repeatedly warned about the potential financial stability risks associated with the rapid growth of crypto-assets, including stablecoins and their increasing interconnectedness with traditional financial system; whereas the collapse of Silicon Valley Bank (SVB) on 11 March 2023 highlighted these vulnerabilities, notably through the subsequent significant de-pegging of USDC, a stablecoin issued by Circle;

Or. en

Amendment 25

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Recital D d (new)

Motion for a resolution

Amendment

D d. whereas the Financial Stability Board has highlighted the financial stability risks that may arise from global stablecoin arrangements and from the potential multi-issuance of stablecoins across jurisdictions, in particular where differences in regulatory framework may create regulatory arbitrage and weaken supervisory oversight;

Or. en

Amendment 26

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Recital D e (new)

Motion for a resolution

Amendment

D e. whereas the Financial Action Task Force (FATF) has reported that crypto-assets, and in particular stablecoins, continue to be used for illicit purposes, including money laundering, sanctions evasion and terrorist financing, highlighting the need for robust implementation of AML/CFT standards in the crypto-asset ecosystem;

Or. en

Amendment 27

Maria Ohisalo

Motion for a resolution

Recital G a (new)

Motion for a resolution

Amendment

G a. whereas the EBA has requested the Commission to provide interpretative guidance on the application of the MiCA Regulation to multi-issuer stablecoin arrangements involving third-country entities, which has been under review since April 2024, leading to legal uncertainty and supervisory fragmentation;

Or. en

Amendment 28

Maria Ohisalo

Motion for a resolution

Recital G c (new)

Motion for a resolution

Amendment

G c. whereas the "Coin Laundry" investigation by the International Consortium of Investigative Journalists (ICIJ) revealed that tens of billions of dollars in funds linked to scams, ransomware and organised crime have flowed through major cryptocurrency exchanges and related services, highlighting that significant weaknesses and vulnerabilities persist in the oversight and compliance of the digital-asset ecosystem;

Or. en

Amendment 29

Maria Ohisalo

Motion for a resolution

Recital G d (new)

Motion for a resolution

Amendment

G d. whereas the global stablecoin market has grown rapidly over the past five years, and it is projected to grow 10-fold up to around EUR 3.7 trillion by 2030; notes that US dollar-denominated stablecoins account for around 99% of the total market;

Or. en

Amendment 30

Maria Ohisalo

Motion for a resolution

Recital G d (new)

Motion for a resolution

Amendment

G d. whereas the MiCA Regulation requires that asset-referenced tokens and e-money tokens may only be offered to the public or admitted to trading in the Union where the issuer is authorised;

Or. en

Amendment 31

Markus Ferber

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas the regulatory approach in the United States remains under development and US policymakers and regulators generally refer instead to ‘digital assets’, commonly understood to encompass cryptographically digital representations of value or rights secured in a distributed ledger, including cryptocurrencies, stablecoins and certain tokenised instruments;

H. whereas the new US administration is significantly more open towards crypto assets translating into the adoption of key legislation and more lenient approach to enforcement by supervisory authorities; whereas the regulatory approach in the United States remains under development and US policymakers and regulators generally refer instead to ‘digital assets’, commonly understood to encompass cryptographically digital representations of value or rights secured in a distributed ledger, including cryptocurrencies, stablecoins and certain tokenised instruments;

Or. en

Amendment 32

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the Union should pursue the long-term objective of a system-wide, activity-based and technologically neutral regulatory framework for financial services; whereas the rapid development and increasing complexity of crypto-asset markets, including the interlinkages with the non-banking financial sector, create both opportunities and challenges for existing regulatory and supervisory frameworks; whereas these developments call for enhanced data availability, risk monitoring and supervisory coordination at Union level while offering the potential to enhance innovation, efficiency and connectivity in financial services infrastructures and to strengthen the Union's competitiveness and its role in the global financial system;

Or. en

Amendment 33

Markus Ferber

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the Capital Requirements Regulation contains a transitional regime with high risk weights for banks' crypto asset exposures (250% for asset-referenced tokens and 1250% for other crypto exposures) and a strict concentration limit of 1% of Tier 1 capital; whereas according to Article 501d of CRR, the Commission was required to make a legislative proposals to introduce a dedicated prudential treatment for crypto-asset exposures by 30 June 2025; whereas the Commission has presented no such proposal;

Or. en

Amendment 34

Fernando Navarrete Rojas

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the ECB has stated that euro area households currently have limited exposure to crypto-assets1a; whereas the ECB’s November 2024 Consumer Expectations Survey (CES) covering selected euro area countries indicated that, on average, 9.7% of survey respondents or someone in their household owned crypto-assets, although we see country-specific figures ranging between 6% and 21%; whereas most owners of crypto-assets have a relatively small exposure;

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1a https://www.ecb.europa.eu/pub/pdf/other/ecb.mepletter250926_De_Masi~42f2dffd85.nl.pdf

Or. en

Amendment 35

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

Ha. whereas the rapid development of the tokenisation of financial and real assets help modernise European market infrastructures; whereas this development requires a coherent regulatory framework so as to ensure legal certainty as to property rights, digital custody and the settlement of transactions on distributed ledgers;

Or. it

Amendment 36

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the Digital euro, if properly designed, may offer a public alternative to stablecoins that preserves monetary sovereignty while supporting innovation;

Or. en

Amendment 37

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Recital H b (new)

Motion for a resolution

Amendment

H b. whereas the development of distributed ledger technologies, including the tokenisation of financial instruments, has the potential to enhance efficiency, transparency and accessibility in financial markets, while requiring safeguards to preserve market integrity, investor protection and financial stability and to avoid regulatory arbitrage and fragmentation;

Or. en

Amendment 38

Fernando Navarrete Rojas

Motion for a resolution

Recital H b (new)

Motion for a resolution

Amendment

H b. whereas according to the ECB’s Financial Stability Review of May 2025, in the fourth quarter of 2024 euro area investors held €17 billion in crypto-asset-related investment products, of which around €3.4 billion (20%) was held by the euro area financial sector

Or. en

Amendment 39

Markus Ferber

Motion for a resolution

Recital H b (new)

Motion for a resolution

Amendment

H b. whereas the Basel Committee has announced that it would expedite its review of targeted elements of the prudential standard for banks' crypto-asset exposures;

Or. en

Amendment 40

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Recital H c (new)

Motion for a resolution

Amendment

H c. whereas stablecoins, as a specific category of crypto-assets, may present both risks and opportunities, including for payments, financial stability and monetary sovereignty, and therefore require a balanced regulatory approach that ensures robust prudential safeguards while supporting innovation and the development of euro-denominated solutions;

Or. en

Amendment 41

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Subheading 1

Motion for a resolution

Amendment

Overview

deleted

Or. en

Amendment 42

Markus Ferber

Motion for a resolution

Paragraph -1 (new)

Motion for a resolution

Amendment

-1. Underlines that the European Union should position itself as an attractive jurisdiction for the issuance, trading and settlement of tokenised financial instruments in order to strengthen the competitiveness and strategic autonomy of its financial markets and further the objectives of the Savings and Investments Union; emphasises that a predictable, innovation-friendly regulatory environment will be essential for ensuring that investment and technological development remain within the Union;

Or. en

Amendment 43

Fernando Navarrete Rojas

Motion for a resolution

Paragraph -1 (new)

Motion for a resolution

Amendment

-1. Recalls that digital assets encompass a significantly broader scope than crypto-assets or stablecoins; is of the opinion that crypto-assets represent only one specific type of instrument within a wider digitalised ecosystem; stresses that this system fundamentally has the potential to enhance operational efficiency and reduce costs, thereby leading to more affordable funding and strengthening the overall competitiveness of the European Union;

Or. en

Amendment 44

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Supports the long-term aim of a system-wide, activity-based and technologically neutral approach for the EU regulatory framework for financial services;

deleted

Or. en

Amendment 45

Siegbert Frank Droese

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Supports the long-term aim of a system-wide, activity-based and technologically neutral approach for the EU regulatory framework for financial services;

1. Supports the long-term aim of a system-wide, activity-based and technologically neutral approach for the EU regulatory framework for financial services, while respecting Member States’ regulatory autonomy and avoiding excessive centralisation of financial supervision;

Or. en

Amendment 46

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Supports the long-term aim of a system-wide, activity-based and technologically neutral approach for the EU regulatory framework for financial services;

1. Supports the long-term aim of a system-wide, activity-based and technologically neutral approach for the EU regulatory that ensures an on-chain-ready framework, allowing for the deployment of innovative technologies across all financial services;

Or. en

Amendment 47

Markus Ferber

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Underlines that distributed ledger technologies and asset tokenisation have the potential to support the objectives of the Savings and Investment Union by facilitating cross-border investment, reducing market fragmentation and enabling more efficient capital market infrastructure across the Union; encourages the Commission to identify regulatory barriers that may unnecessarily hinder the development of tokenised financial markets in the Union and address them;

Or. en

Amendment 48

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1a. Stresses that the development of distributed ledger technologies and digital activities can help boost the competitiveness of the European economy and foster new opportunities for investment and innovation, including in the Union’s peripheral, island and outermost regions;

Or. it

Amendment 49

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

deleted

Or. en

Amendment 50

Auke Zijlstra

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasizes that the emergence of new technologies, including crypto assets, offers significant opportunities for innovation, efficiency, and financial inclusion, alongside the challenges they pose to the regulatory and supervisory framework; calls on the EU to approach these developments proactively and constructively, taking into account the potential benefits and the global trend towards the digitalisation of financial systems, so that the European Union can strengthen its competitiveness and technological leadership.

Or. en

Amendment 51

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasises that the emergence of new technologies holds significant potential for the completion of the Single Market and, specifically, for the integration of European financial markets, the development of the Savings and Investments Union (SIU), and the efficiency of capital markets; acknowledges the need for regulatory adjustments; underlines that such adjustments should be limited to what is essential to ensure functional equivalence between the current legacy system and a tokenized environment, especially in the area of the settlement of transactions and to address its operational risks;

Or. en

Amendment 52

Siegbert Frank Droese

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework, but also significant opportunities for economic growth, which should not be hindered by premature or excessive regulation;

Or. en

Amendment 53

Lídia Pereira

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasises that the emergence of new technologies in finance poses new challenges for the regulatory and supervisory framework, while also providing innovative solutions based on unique features and capabilities.

Or. en

Amendment 54

Markus Ferber

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework, but also new opportunities for a more efficient and more inclusive financial system;

Or. en

Amendment 55

Maria Ohisalo

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework, in particular regarding the definition and effective enforcement of the regulatory perimeter;

Or. en

Amendment 56

Jussi Saramo

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework; underlines the need for international regulatory and supervisory coordination to tackle regulatory arbitrage, financial stability risks and criminal activity;

Or. en

Amendment 57

Stefan Berger

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework, underscoring the need for comprehensive rules to support EU financial stability, market integrity and firm liability;

Or. en

Amendment 58

Markus Ferber

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2 a. Acknowledges that the European Union was among the first jurisdictions to pass and implement a dedicated regime for crypto assets with the Markets in Crypto Assets Regulation and for the application of DLT technology in the financial sector; welcomes that the EU has taken the lead in this area; stresses that global competition in digital finance is intensifying and that several international financial centres are actively developing regulatory frameworks and market infrastructures for tokenised financial instruments and digital asset markets; considers it important that the European Union keeps further developing its regulatory framework in a prudent manner to make it future-proof and maintain its lead;

Or. en

Amendment 59

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2 a. Stresses that the tokenisation of financial assets does not in itself alter the legal nature or core economic characteristics of those assets; considers, therefore, that the Union’s regulatory response should, as a rule, rely on a horizontal adaptation of existing financial services legislation rather than on the systematic creation of new asset-specific or technology-specific sectoral regimes; underlines that such an approach is better suited to preserve legal certainty, ensure consistency across the Single Market and avoid unnecessary fragmentation or regulatory arbitrage;

Or. en

Amendment 60

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2a. Underscores the need to promote European systems in the blockchain technology sector by means of technology hubs and programmes fostering innovation and supporting start-ups and SMEs;

Or. it

Amendment 61

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 2 b (new)

Motion for a resolution

Amendment

2 b. Highlights that technological innovation presents significant opportunities for both financial markets and the supervisory framework; stresses that supervisory authorities should leverage advanced technologies to adapt oversight to a more digitalised environment and to enhance supervisory practices and should therefore not automatically trigger the creation of separate sector-specific legislative regimes;

Or. en

Amendment 62

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

deleted

Or. en

Amendment 63

Jussi Saramo

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes the potential innovation and connectivity capabilities of cryptographically secured distributed ledgers and similar technologies for financial services infrastructure, both within the EU and for the EU’s global role; acknowledges, at the same time, that decentralised architectures have not consistently demonstrated superior performance compared to well-governed centralised systems in terms of scalability, cost or reliability;

Or. en

Amendment 64

Markus Ferber

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Underlines the potential innovation and connectivity capabilities of cryptographically secured distributed ledgers and similar technologies for financial services infrastructure, both within the EU and for the EU’s global role; highlights that the integration of tokenization and DLT holds the potential to streamline wholesale market operations by unifying issuance, trading and settlement within a single ecosystem thus unlocking significant efficiency gains; points out that by leveraging smart contracts, these technologies can also unlock a new generation of programmable and innovative financial instruments;

Or. en

Amendment 65

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Calls for a clear European strategy that moves beyond experimental pilots towards an ambitious tokenised financial ecosystem; highlights the need for a framework that enables companies to capture technological efficiencies and scale successfully across the Single Market; underlines the importance of a flexible regulatory framework that allows financial actors to operate within a full-fledged DLT system, provided that financial stability is demonstrably guaranteed and that contributes to reinforcing the euro’s international role through a stable, trusted and scalable European digital market infrastructure;

Or. en

Amendment 66

Maria Ohisalo

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Calls on the Commission, in close cooperation with the EBA, ESMA, AMLA and national competent authorities, to ensure the consistent application and strict enforcement of the MiCA Regulation with a view to ensuring its effectiveness, mitigating financial stability risks and preventing regulatory arbitrage;

Or. en

Amendment 67

Markus Ferber

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Highlights the potential for significant efficiency gains in trading and settlement, in particular the potential for shorter settlement cycles ("atomic settlement") and therefore lower margin requirements and liquidity demand;

Or. en

Amendment 68

Stefan Berger

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Affirms its commitment to the targeted revision of EU regulatory frameworks to develop robust, digital asset enabled EU capital markets and payments infrastructure;

Or. en

Amendment 69

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution

Amendment

3 b. Reiterates that the development of a wholesale Central Bank Digital Currency (wCBDC) is of increasing urgency to achieve the objectives of the Savings and Investments Union (SIU); underlines that a wCBDC would enable atomic, 24/7 wholesale settlements, significantly enhancing market efficiency while safeguarding financial stability; Urges the ECB to develop this project as a matter of priority; laments that this impulse has not been develop before in this regard;

Or. en

Amendment 70

Markus Ferber

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution

Amendment

3 b. Highlights that tokenisation may improve access to capital markets for companies, in particular for innovative firms and SMEs, by lowering issuance and settlement costs, enabling fractional ownership of assets and facilitating the cross-border distribution of financial instruments; emphasises that these developments could help mobilise private capital more effectively across the Union and contribute to closing the financing gap faced by European businesses;

Or. en

Amendment 71

Stefan Berger

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution

Amendment

3 b. Stresses that fragmented DLT initiatives risk undermining EU sovereignty, and that a coordinated strategy is needed to avoid duplicated investments, market confusion, and weakened competitiveness of EU-issued digital money;

Or. en

Amendment 72

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 3 c (new)

Motion for a resolution

Amendment

3 c. Underlines, therefore, that the Union’s digital assets strategy should reinforce trust in euro-denominated financial infrastructure, strengthen monetary sovereignty and support the euro’s attractiveness as a global reserve and settlement currency.

Or. en

Amendment 73

Stefan Berger

Motion for a resolution

Paragraph 3 c (new)

Motion for a resolution

Amendment

3 c. Highlights that that interoperability must be treated as a critical component of EU DLT financial architecture;

Or. en

Amendment 74

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 3 d (new)

Motion for a resolution

Amendment

3 d. Recognizes the transformative potential of decentralized ledger technology and calls for a proportional approach to manage its inherent risks and ensure legal certainty;

Or. en

Amendment 75

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Notes the diversity among crypto-assets and recognizes that the associated risks and business potential differ across categories;

Or. en

Amendment 76

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution

Amendment

3 b. Notes that the crypto-asset market is continually evolving; expresses concerns that certain types of activities are not yet regulated under EU law and that rapid innovation in this area can outpace oversight and the pace of regulation which could pose risks to market integrity and consumers; urges the Commission to assess the necessity and feasibility of regulating and the lending, borrowing and staking of crypto-asset, NFTs and decentralised finance activities under the Markets in Crypto Assets Regulation;

Or. en

Amendment 77

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 3 e (new)

Motion for a resolution

Amendment

3 e. Underlines, in line with the ECB’s Financial Stability Review of May 2025, that while the interconnectedness between crypto-assets and traditional finance remains limited, it is rapidly increasing; stresses, therefore, the need for continuous monitoring to safeguard the stability of the euro area financial system against potential contagion risks;

Or. en

Amendment 78

Jonás Fernández, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 3 c (new)

Motion for a resolution

Amendment

3 c. Notes the financial stability risks associated with so-termed crypto currencies, notably in situations of de-pegging and runs; warns particularly about unbacked crypto-assets like Bitcoin, including the more alarming so-called memecoins, whose high volatility makes them high-risk assets; calls on the Commission to include awareness of these risks in its financial literacy strategy;

Or. en

Amendment 79

Markus Ferber

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector;

4. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector, while ensuring that supervisory requirements remain proportionate and do not discourage technological innovation;

Or. en

Amendment 80

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector;

4. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector; urges the Commission to monitor the interconnectedness of crypto-assets with financial system;

Or. en

Amendment 81

Siegbert Frank Droese

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector;

4. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector, while strictly safeguarding financial privacy and avoiding disproportionate data collection;

Or. en

Amendment 82

Jussi Saramo

Motion for a resolution

Paragraph 4 a (new)

Motion for a resolution

Amendment

4 a. Underlines that crypto-assets function primarily as speculative instruments rather than efficient means of payment; highlights that while some individuals may profit from crypto speculation, losses tend to fall disproportionately on ordinary retail participants due, for example, to pump and dump schemes and other forms of market manipulation;

Or. en

Amendment 83

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 4 a (new)

Motion for a resolution

Amendment

4 a. Highlights the fragilities of permissionless blockchains, in particular that their decentralised consensus mechanisms lead to the fragmentation of the monetary landscape;

Or. en

Amendment 84

Auke Zijlstra

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Calls on the EBA, the European Securities and Markets Authority, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, the European Insurance and Occupational Pensions Authority, the national competent authorities, the ECB and the ESRB to strengthen the supervisory dialogue on significant multi-function groups (MFGs); underlines the need to align the MiCAR policy framework for significant non-bank MFGs;

5. Calls on the EBA,ESMA, AMLA, EIOPA, the national competent authorities, the ECB and the ESRB to further deepen the existing constructive supervisory dialogue on significant multi-function groups (MFGs), and notes that these groups are already subject to continuous monitoring by the ECB and relevant partners; stresses that the regulatory framework, including the Markets in Crypto-Assets Regulation and the DLT Pilot Regime, already contains key safeguards to manage risks; underlines that these risks are manageable and must be accurately mapped and monitored through continuous data collection and analysis, so that policy frameworks can be aligned in a proportionate, effective and forward-looking manner.

Or. en

Amendment 85

Stefan Berger

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

Or. en

Amendment 86

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Lara Wolters

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

Or. en

Amendment 87

Siegbert Frank Droese

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Calls on the EBA, the European Securities and Markets Authority, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, the European Insurance and Occupational Pensions Authority, the national competent authorities, the ECB and the ESRB to strengthen the supervisory dialogue on significant multi-function groups (MFGs), with primary responsibility remaining at national supervisory authorities; underlines the need to align the MiCAR policy framework for significant non-bank MFGs;

Or. en

Amendment 88

Markus Ferber

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Recognises that distributed ledger technologies introduce new technological and operational considerations for financial supervisors, including issues related to smart contract security, governance of decentralised networks, cyber resilience and operational risk management; emphasises that supervisory authorities must develop sufficient technical expertise to understand and monitor these emerging market infrastructures effectively.

Or. en

Amendment 89

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5a. Points out that if we wish to strengthen Europe’s competitiveness in the blockchain sector we must develop specialist skills by means of advanced training programmes, professional certifications and structured partnerships between universities, research centres and industry;

Or. it

Amendment 90

Markus Ferber

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution

Amendment

5 b. Calls on the European Supervisory Authorities to strengthen their expertise in distributed ledger technologies and digital assets in order to ensure effective supervision of emerging financial market infrastructures; encourages the development of specialised supervisory units within the existing authorities and the sharing of expertise across supervisory authorities within the Union.

Or. en

Amendment 91

Auke Zijlstra

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Regrets the role that crypto-assets play in evading anti-money laundering and countering the financing of terrorism regulations and sanctions; stresses the importance of finding a better balance between privacy and transparency in ‘know your customer’ standards and the monitoring of payments;

6. Expresses reservations regarding the potential use of crypto assets to circumvent rules on anti-money laundering and terrorist financing; emphasizes that innovative applications such as tokenization, due to their inherent transparency, programmability, and traceability on distributed networks, are in practice only minimally susceptible to abuse; therefore underscores the importance of a balanced approach to ‘know your customer’ requirements and transaction monitoring, and advocates that EU anti-money laundering legislation be based primarily on empirically established risks and concrete cases of abuse, so that innovation is not unnecessarily hampered.

Or. en

Amendment 92

Siegbert Frank Droese

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

Or. en

Amendment 93

Markus Ferber

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Regrets the role that certain types of crypto-assets such as privacy coins and certain types of crypto-related services such as cryptocurrency tumblers can play in evading anti-money laundering and countering the financing of terrorism regulations and sanctions; highlights that the EU has reinforced its rules via an update to the transfer of funds regulation that requires financial institutions and Crypto-Asset Service Providers to collect and transmit certain transaction data when at least one provider involved in the transaction is based in the EU;

Or. en

Amendment 94

Jussi Saramo

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Notes that crypto-assets play an ever-increasing role in all types of crime, from money laundering to terrorism financing, sanctions evasion and drug trafficking; underlines the role of AMLA as a dedicated authority to supervise AML/CFT at the European level; highlights the need for adequate resourcing for AMLA;

Or. en

Amendment 95

Maria Ohisalo

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Regrets the central role that crypto-assets continue to play in facilitating money laundering, the financing of terrorism and sanctions evasion; highlights in particular that certain crypto-asset service providers can act as entry or exit points for illicit flows where compliance and due diligence controls are insufficient; welcomes the establishment of AMLA as a dedicated Authority to supervise AML/CFT at the EU-level, including the crypto-assets sector; stresses the importance of strengthening the monitoring of crypto transactions, while safeguarding the privacy rights of EU citizens; calls on the Commission, in close cooperation with AMLA and the competent national authorities, to ensure the effective implementation and strict enforcement of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations for the crypto sector, including the effective implementation of the Travel Rule requirements and the enhanced due diligence obligations for high-risk transactions with unregulated services such as DeFi or third-country platforms;

Or. en

Amendment 96

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Expresses concern that certain crypto-asset activities may be used to circumvent anti-money laundering, counter-terrorism financing and sanctions frameworks; stresses the importance of strengthening supervisory tools and compliance standards to address these risks, including effective ‘know your customer’ standards and the monitoring of payments;

Or. en

Amendment 97

Lídia Pereira

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Notes that the abusive and illegal use of crypto-assets in evading anti-money laundering and countering the financing of terrorism regulations and sanctions poses a significant threat to financial systems; underlines the importance of using the technology behind those assets to discourage such criminal actions and assist investigative authorities; stresses the importance of guaranteeing the balance between privacy and transparency in ‘know your customer’ standards and the monitoring of payments;

Or. en

Amendment 98

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Notes that the rapid development of digital assets and the emergence of hybrid products combining features of crypto-assets and traditional financial instruments may create legal uncertainty; emphasises that tokenised financial instruments must grant rights equivalent to those attached to traditional securities in order to prevent regulatory arbitrage and safeguard investor protection; calls on the Commission, in cooperation with the European supervisory authorities, to assess whether further clarification of crypto-asset categories is needed within the Union framework so as to ensure legal certainty and the consistent application of rules across Member States.

Or. en

Amendment 99

Maria Ohisalo

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Highlights the growing risks arising from third-country entities and the misuse of the ‘reverse solicitation’ clause to target Union clients without a MiCA authorisation; calls for stronger cooperation between ESMA, AMLA and national competent authorities to detect and address third country entities circumventing MiCA rules and for strict enforcement to ensure this remains a narrow exemption and does not become a standard business model for third-country entities; notes with concern MONEYVAL’s findings that enforcement against unauthorised crypto-asset operators remains significantly uneven and weak across the Union;

Or. en

Amendment 100

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Notes the adoption by the Basel Committee on Banking Supervision of prudential rules for crypto-assets; recalls that the CRR framework also contains rules regarding banks' crypto activities, such as reporting, disclosure and risk management requirements, as well as a transitional regime for the prudential treatment of bank's crypto asset exposures, in accordance with Markets in Crypto-Assets Regulation (MiCAR);

Or. en

Amendment 101

Jussi Saramo

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Underlines that while the EU has moved towards an integrated framework for addressing money-laundering risks that stem from digital assets, risks still remain elevated; notes, in this regard, that some forms of digital assets, such as certain non-fungible tokens, remain outside MiCAR, amplifying risks of regulatory arbitrage and money-laundering

Or. en

Amendment 102

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6a. Underlines that that blockchain technology, since it can ensure the traceability and immutability of transactions, may prove to be an effective tool for improving the monitoring of payments and helping to prevent illegal activities;

Or. it

Amendment 103

Kinga Kollár, Stefan Berger

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Emphasizes the importance of the harmonised framework created by MiCAR and TFR in the EU for crypto-assets; calls on the Member States to refrain from introducing additional requirements and liabilities beyond the MiCAR or TFR frameworks.

Or. en

Amendment 104

Maria Ohisalo

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution

Amendment

6 b. Emphasises that the ESMA central register of non-compliant entities established under the MiCA Regulation should serve as a primary supervisory and enforcement tool to address the risks posed by unauthorised operators, including third-country entities providing crypto-asset services in the Union without authorisation; urges ESMA to ensure that the register is fully operational, easily accessible in machine-readable format and frequently updated, enabling centralised access to information provided by supervisory authorities;

Or. en

Amendment 105

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Subheading 3

Motion for a resolution

Amendment

Tokenisation

Tokenisation of financial instruments

Or. en

Amendment 106

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Notes that Recital 3 of Regulation (EU) 2022/858 defines the ‘tokenisation’ of financial instruments as the digital representation of financial instruments on distributed ledgers or the issuance of traditional asset classes in tokenised form to enable them to be issued, stored and transferred on a distributed ledger; notes that this development allows traditional securities to be represented in digital form while retaining their economic characteristics;

Or. en

Amendment 107

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Stresses the importance of distinguishing between instruments that genuinely provide the rights and obligations of traditional securities, such as tokenised equities or bonds, and certain digital assets that merely mimic these features without granting equivalent shareholder rights, including those structured as MiFID II derivative contracts; underlines that misleading representations may lead to regulatory arbitrage, reduced investor protection, and confusion among investors; remarks that this taxonomy should guide the classification of tokenised securities and other emerging hybrid products;

Or. en

Amendment 108

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Points out that to achieve the maximum potential for integration and efficiency in capital markets, both the cash and asset legs should in principle move in parallel on-chain to enable atomic settlement; stresses the importance of promoting the tokenisation of various forms of money, such as tokenised deposits or central bank reserves (WCBDC), ensuring they are globally interoperable for commercial settlements and payments;

Or. en

Amendment 109

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 7 b (new)

Motion for a resolution

Amendment

7 b. Stresses that any strategy for the tokenization of financial markets must ensure scalability and interoperability, both within the Union and at a global level; underlines that such a framework should avoid market fragmentation and ensure that European tokenised market infrastructures should be designed to interoperate efficiently with systems in other jurisdictions, in order to facilitate faster, less costly and more seamless cross-border transactions, while preserving Union regulatory standards, financial stability and monetary sovereignty;

Or. en

Amendment 110

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 7 c (new)

Motion for a resolution

Amendment

7 c. Stresses that tokenisation does not fundamentally change the nature of the assets being tokenised, meaning the risks associated with those assets remain broadly the same and should therefore not automatically trigger the creation of separate sector-specific legislative regimes.

Or. en

Amendment 111

Auke Zijlstra

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Welcomes the potential benefits of tokenisation for trading financial assets, such as increased efficiency and transparency, while noting that its vulnerabilities should be monitored; supports the BIS in cross-border payment collaboration;

8. Welcomes the potential benefits of tokenisation for trading financial assets, including increased efficiency in settlement processes, reduced operational costs, improved liquidity through fractional ownership, and the potential for faster and more accessible cross-border transactions; emphasises that tokenisation can contribute to more resilient and innovative financial market infrastructures in the Union, while noting that potential risks and vulnerabilities should continue to be carefully monitored and addressed through appropriate supervisory and regulatory oversight at a governance level that respects the fundamental principle of subsidiarity;

Or. en

Amendment 112

Jussi Saramo

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Takes note of the potential benefits of tokenisation of financial assets and securities, such as increased efficiency and transparency, reduced counterparty risk and central banks' enhanced capacity to respond to adverse market shocks, while noting that its vulnerabilities should be monitored; stresses that central bank money must be the foundation of a tokenised financial system, ensuring financial stability, monetary policy transmission and public trust in the monetary system;

Or. en

Amendment 113

Jonás Fernández, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Welcomes the potential benefits of tokenisation for trading financial assets, such as increased efficiency and transparency, while noting that its vulnerabilities should be monitored; acknowledges the innovations that tokenised instruments could bring to the financial sector, such as smart contracts;

Or. en

Amendment 114

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Welcomes the potential benefits of tokenisation for trading financial assets, such as increased efficiency and transparency; notes that these developments could contribute to the objectives of the Savings and Investments Union by facilitating the mobilisation of capital to support the Union's strategic priorities and by widening retail participation in financial markets; notes that market integrity, financial stability and investor protection should be preserved and stresses the importance of preventing fragmentation; supports the work of the Bank for International Settlements in cross-border payment collaboration initiatives;

Or. en

Amendment 115

Siegbert Frank Droese

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

Or. en

Amendment 116

Auke Zijlstra

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Notes that the increasing use of tokenisation may also introduce new risks for financial stability, market integrity and investor protection, including technological vulnerabilities, operational risks related to distributed ledger infrastructures, legal uncertainties regarding ownership and settlement finality, and potential fragmentation of liquidity across multiple platforms; emphasises that the growing interconnectedness between tokenised assets and traditional financial markets requires close monitoring by supervisory authorities and the development of appropriate regulatory safeguards to mitigate systemic risks while preserving the innovation potential of tokenised financial instruments;

Or. en

Amendment 117

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Upholds that the Union should set the infrastracture, standards and governance of the tokenised finance rather than having them imposed by other jurisdictions; acknowledges, in this regard, the efforts of the ECB to offer solutions, including infrastructure, to enable wholesale digital payments so that tokenised financial assets and tokenised money are on the same ledger; calls, at the same time, for international cooperation in order to harmonise categorisation criteria and principles; supports the BIS in cross-border payment collaboration;

Or. en

Amendment 118

Stefan Berger

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Encourages the Commission to develop a comprehensive Union-wide strategy and roadmap for tokenisation across financial services and other relevant industrial sectors, with a view to ensuring a structured, interoperable and coordinated roll-out of tokenisation capabilities throughout the Single Market, preventing fragmentation and fostering the competitiveness, digital sovereignty and strategic autonomy of the Union;

Or. en

Amendment 119

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Notes that the trading, settlement and record-keeping of tokenised financial instruments within authorised financial market infrastructures may strengthen compliance with anti-money laundering and counter-terrorism financing obligations, including 'know your customer' standards and transaction monitoring, thereby contributing to the integrity and transparency of financial markets;

Or. en

Amendment 120

Jussi Saramo

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Acknowledges the ongoing short-term (Pontes) and long-term (Appia) tracks for distributed ledger technology projects for wholesale central bank money settlement; underlines the need to ensure that financial transactions involving tokenised assets remain safe and efficient and can use central bank money for safe settlement;

Or. en

Amendment 121

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 8 b (new)

Motion for a resolution

Amendment

8 b. Emphasises that tokenised securities must confer rights equivalent to those attached to traditional financial instruments; stresses that ensuring a level playing field between these new instruments and traditional ones entails applying the same standards on consumer protection, AML compliance, and cybersecurity; highlights that a well-regulated framework is the best way to provide trust to customers and, thereby, to scale the market;

Or. en

Amendment 122

Stefan Berger

Motion for a resolution

Paragraph 8 b (new)

Motion for a resolution

Amendment

8 b. Encourages the Commission to assess the regulatory conditions required to enable issuance, interoperability, and supervision of tokenised deposits across the EU banking sector;

Or. en

Amendment 123

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 8 c (new)

Motion for a resolution

Amendment

8 c. Calls on the Commission and ESMA to introduce awareness-raising initiatives, especially targeted at retail investors, on the distinction between tokenised securities and other digital assets, in order to address risks related to regulatory arbitrage, investor protection and the “mimicking” of shareholder rights;

Or. en

Amendment 124

Stefan Berger

Motion for a resolution

Paragraph 8 c (new)

Motion for a resolution

Amendment

8 c. Stresses that tokenised central and commercial bank money preserves the two-tier monetary system, safeguarding financial stability in a digital environment, preserving the efficacy of monetary policy economic stability;

Or. en

Amendment 125

Stefan Berger

Motion for a resolution

Paragraph 8 d (new)

Motion for a resolution

Amendment

8 d. Calls for regulatory alignment between MiCAR, PSD3/PSR, CRR/CRD, and the future DLT-focused rules in the MISP package, to ensure that tokenisation use cases can scale safely across Member States;

Or. en

Amendment 126

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes the ongoing discussions on the DLT pilot regime;

deleted

Or. en

Amendment 127

Markus Ferber

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes the ongoing discussions on the DLT pilot regime;

9. Stresses that the availability of safe and efficient settlement mechanisms will be critical for scaling tokenised financial markets and ensuring trust among market participants; welcomes the Commission's proposals for a revision of the DLT pilot regime as part of the Market Integration and Supervision Package; considers that the proposed changes will help to future-proof the regime and create a more predictable framework going forward; considers that the increased predictability and usability of the regime will allow financial market participants to make the necessary investments into DLT-based market infrastructure;

Or. en

Amendment 128

Stefan Berger

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes the ongoing discussions on the DLT pilot regime;

9. Notes the ongoing discussions on the DLT pilot regime, including provisions within the Markets Infrastructure Services Package (MISP) for targeted improvements and broadened accessibility to DLT sandboxes;

Or. en

Amendment 129

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes the ongoing discussions on the DLT pilot regime;

9. Notes the ongoing discussions on the DLT pilot regime; considers that regulatory sandboxes of this nature play an important role in enabling experimentation with distributed ledger technologies while maintaining appropriate safeguards for investors and market participants; supports the continued development and refinement of this framework, including the potential expansion of its scope and thresholds, provided that such adjustments facilitate market uptake without undermining financial stability or investor protection;

Or. en

Amendment 130

Gilles Boyer, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Calls on the Commission to develop a comprehensive Union-wide strategy and roadmap for the deployment of tokenisation across financial services and other relevant sectors, ensuring the coordinated development of distributed ledger technologies across the Single Market; emphasises in this regard the importance of maintaining coherence and alignment between the Union's evolving digital finance frameworks in order to enable tokenisation use cases to scale safety across Member States while strengthening the Union's competitiveness and technological sovereignty;

Or. en

Amendment 131

Maria Ohisalo

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Welcomes the ECB initiatives to develop infrastructures and interoperability solutions enabling wholesale digital payments so that tokenised financial assets can be settled in central bank money within a shared and interoperable ledger;

Or. en

Amendment 132

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Notes that stablecoins can fall into two categories under the MiCAR legal framework, as asset-referenced tokens and as electronic money tokens;

10. Notes that stablecoins can fall into two categories under the MiCAR legal framework, as asset-referenced tokens and as electronic money tokens; emphasises that this classification determines the applicable supervisory regime, including reserve requirements, governance obligations and redemption rights;

Or. en

Amendment 133

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Stresses the need for a robust crisis management framework to address potential stablecoin runs or de-pegging events; warns, furthermore, that such instability could disrupt monetary policy transmission and financial stability;

Or. en

Amendment 134

Jussi Saramo

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Notes that crypto trading is the most important use case for stablecoins, with stablecoins offering an easy way in and out of the crypto ecosystem;

Or. en

Amendment 135

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 10 b (new)

Motion for a resolution

Amendment

10 b. Highlights the potential risks to financial stability if stablecoins were to become the primary settlement instrument, as observed in certain third-country tokenisation strategies; is of the opinion that importing such models without a tailored European approach could increase systemic risk and exposure to external shocks; supports, therefore, the implementation of robust prudential safeguards to prevent cross-border contagion, including stricter liquidity and capital requirements for private issuers of stablecoins operating within the Union;

Or. en

Amendment 136

Jussi Saramo

Motion for a resolution

Paragraph 10 b (new)

Motion for a resolution

Amendment

10 b. Notes that despite promising stable value relative to fiat currencies, stablecoins have seen substantial deviations from par, highlighting the fragility of their peg which is entirely dependent on the ability of stablecoin issuers to meet redemption requests; underlines, in this regard, that stablecoins behave like financial assets;

Or. en

Amendment 137

Jussi Saramo

Motion for a resolution

Paragraph 10 c (new)

Motion for a resolution

Amendment

10 c. Notes that the US GENIUS act signals the Trump administration's willingness to advance the use of stablecoins for geopolitical purposes; notes that the aim of the GENIUS act is to strenghten the international role ofthe US dollar and increase stablecoin-issuer demand for US treasuries; highlights that widespread adoption of US-dollar-denominated stablecoins for payments or savings within the EU may in the future weaken the role of the euro in domestic transactions and financial intermediation;

Or. en

Amendment 138

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Notes that stablecoins are a form of privately issued digital instruments designed to maintain a stable value relative to a reference asset or currency; observes that their economic function shows similarities to exchange rate pegs, money market funds and narrow banks; stresses, however, that MiCAR prohibits issuers of e-money tokens and crypto-asset service providers from directly or indirectly granting interest in relation to e-money tokens, and underlines the importance of maintaining this prohibition in order to prevent stablecoins from functioning as substitutes for bank deposits; stresses that stablecoins issuers do not have direct access to central banks and their holders are not covered by public deposit guarantee schemes; notes that stablecoins may be subject to risks of devaluation and migration of liquidity from bank deposits towards stablecoins, potentially affecting banks' funding structures; emphasises, however, that these risks can be reduced with strong regulatory safeguards, including strict reserve requirements, enforceable redemption rights, liquidity stress testing and effective supervisory oversight, as provided for under MiCAR;

Or. en

Amendment 139

Fernand Kartheiser

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Notes that stablecoins are a form of private money creation and that their economic function shows similarities to exchange rate pegs, money market funds and narrow banks; stresses that although MiCAR prohibits issuers of e-money tokens and crypto-asset service providers from directly or indirectly granting interest in relation to e-money tokens, and stablecoins do not have direct access to central banks and are not subject to public deposit guarantees, MiCAR allows for the granting of authorisations to crypto-asset service providers, allowing them, inter alia, to hold, administer and trade such assets on behalf of their clients and to place and exchange them on the markets; notes, in view of those characteristics, the devaluation risk of stablecoins and the systematic consequences that such a devaluation could entail;

Or. fr

Amendment 140

Jussi Saramo

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Notes that stablecoins are a form of private money creation and that their economic function shows certain similarities to exchange rate pegs, money market funds (MMFs) and narrow banks; notes that compared to MMFs, stablecoin issuers are freer to generate revenues whereas MMFs face higher levels of investor protection; stresses, that MiCAR prohibits issuers of e-money tokens and crypto-asset service providers from directly or indirectly granting interest in relation to e-money tokens, and that stablecoins do not have direct access to central banks and are not subject to public deposit guarantees; notes the devaluation risk of stablecoins;

Or. en

Amendment 141

Siegbert Frank Droese

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Notes that stablecoins are a form of private money creation and that their economic function shows similarities to exchange rate pegs, money market funds and narrow banks; stresses, however, that MiCAR prohibits issuers of e-money tokens and crypto-asset service providers from directly or indirectly granting interest in relation to e-money tokens, and that stablecoins do not have direct access to central banks and are not subject to public deposit guarantees; notes the devaluation risk of stablecoins and calls for a review of restrictions that may hinder market-driven innovation, including the prohibition of interest-bearing models;

Or. en

Amendment 142

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

Or. en

Amendment 143

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Recognises that stablecoins may also generate efficiency gains in certain use cases, including faster and lower-cost cross-border payments, settlement in tokenised financial markets and the operation of programmable financial applications; notes, therefore, that stablecoins may complement rather than replace existing forms of public and private money; stresses that the Union should therefore pursue a balanced approach that safeguards financial stability while enabling responsible innovation and the development of competitive European digital financial markets;

Or. en

Amendment 144

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Notes with concern that, according to the FATF March 2026 Targeted Report, stablecoins accounted for 84% of illicit crypto transaction volume in 2025, overtaking Bitcoin as the main vehicle for money laundering and terrorism financing; underlines that their price stability, liquidity, interoperability and easy cross-border transfer makes stablecoins particularly attractive to illicit actors; stresses that these risks are further amplified by the use of DeFi arrangements and unhosted wallets in peer-to-peer transactions;

Or. en

Amendment 145

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Acknowledges the potential of stablecoins to reduce frictions in cross-border payments by disintermediating correspondent-banking chains, thereby enabling faster settlement and lower costs in specific corridors; underlines, however, that these benefits must be balanced against risks to financial stability, monetary sovereignty, and consumer protection; further stresses that challenges regarding privacy, liquidity management, tax uncertainty, and compliance with AML/CFT standards must be rigorously addressed;

Or. en

Amendment 146

Markus Ferber

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Notes that the development of tokenised financial markets requires reliable, safe and efficient digital settlement assets in order to enable the secure settlement of transactions conducted on distributed ledger infrastructures; highlights the important role of stablecoins for DLT-based settlement solutions as the technology's efficiencies can only be used to its full potential if both, the securities leg and the cash leg, are settled on a blockchain;

Or. en

Amendment 147

Stefan Berger

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Welcomes the emergence of EUR-denominated e-money tokens under MiCAR and encourages their development to support EU payments innovation, while stressing the importance of harmonised liquidity-risk and crisis-management frameworks, including redemption waterfalls and reserve-segregation requirements;

Or. en

Amendment 148

Jussi Saramo

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Highlights, with regard to stablecoins and their issuance, the inherent tension between the promise to always deliver par convertibility and, at the same time, the need for a profitable business model that involves liquidity or credit risk;

Or. en

Amendment 149

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 11 b (new)

Motion for a resolution

Amendment

11 b. Notes that the predominance of stablecoins referencing foreign currencies, in particular the US dollar, has raised concerns regarding monetary sovereignty and the international role of the euro; recalls, however, that such risks should be assessed proportionately in the euro area, where domestic transactions remain overwhelmingly denominated in euro and where users have limited incentives to assume foreign-exchange risk;

Or. en

Amendment 150

Jussi Saramo

Motion for a resolution

Paragraph 11 b (new)

Motion for a resolution

Amendment

11 b. Underlines the results of an ECB working paper 1a studying the effects of stablecoin adoption on bank intermediation and monetary policy transmission; underlines, in this regard, the potential effects of increased stablecoin usage in the euro area, such as deposit substitution and the declining effectiveness of monetary policy;

_________________

1a https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp3199~ad552b59ec.en.pdf

Or. en

Amendment 151

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 11 c (new)

Motion for a resolution

Amendment

11 c. Recalls in this regard that MiCAR already provides safeguards against excessive reliance on non-EU-currency stablecoins, including quantitative limits on their use and supervisory intervention powers; encourages the Commission and the Member States to support the development of credible euro-denominated stablecoins as a means of strengthening the international role of the euro and the competitiveness of the Union's financial markets;

Or. en

Amendment 152

Jussi Saramo

Motion for a resolution

Paragraph 11 c (new)

Motion for a resolution

Amendment

11 c. Highlights the macroprudential risks of regulatory arbitrage of third-country multi-issuance stablecoins under MiCAR; underlines that during market stress a redemption run scenario might take place as MiCAR formulates redemption rights that are stronger than, for instance, the US regulatory framework;

Or. en

Amendment 153

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

12. Upholds that the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable, is not possible under EU law; recalls that the ESRB has warned for multi-issuance as a potential channel of contagion and has called on the Commission to consider such schemes as not being permitted under the current MiCAR framework; calls on the Commission to unequivocally confirm this impossibility to ensure legal certainty;

Or. en

Amendment 154

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; notes that certain non-EU stablecoin issuers have begun operating multi-issuer schemes in the Union under divergent national supervisory approaches; regrets the lack of follow-up by the Commission to the ESRB recommendation that such schemes should not be considered permissible under the current MiCAR framework, in light of the lack of specific regulatory safeguards and the financial stability risks they entail; stresses that failure to swiftly address the risks posed by unregulated third country multi-issuer schemes may expose the Union to new systemic, geopolitical and sovereignty threats; calls on the Commission to strictly enforce the MiCA Regulation, ensuring the withdrawal of authorisations already granted and the suspension of any further authorisation and to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

Or. en

Amendment 155

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission, in close cooperation with the EBA, ESMA, the ECB and national competent authorities, to come forward, where appropriate, with targeted legislative measures without delay to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

Or. en

Amendment 156

Stefan Berger

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

12. Acknowledges the need for legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to provide such legal certainty as a matter of urgency and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

Or. en

Amendment 157

Lídia Pereira

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to safeguard legal certainty and predictability and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

Or. en

Amendment 158

Jussi Saramo

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

12. Highlights the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; urges the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

Or. en

Amendment 159

Siegbert Frank Droese

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols;

12. Acknowledges the lack of legal certainty in EU law regarding the possibility of the multi-issuance of stablecoins by an EU and a non-EU entity, where the digital stablecoins issued by both entities are fully fungible and indistinguishable; calls on the Commission to come forward with a legislative proposal urgently on this matter to ensure legal certainty, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols; calls first for a comprehensive assessment of existing MiCAR provisions before introducing additional legislation;

Or. en

Amendment 160

Gilles Boyer, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Emphasises that an overly restrictive approach to global stablecoins could risk isolating Union firms and market infrastructures from international tokenisation developments, limiting the availability of settlement assets for innovative financial services and undermining the global competitiveness of European actors; underlines, therefore, that the Union's regulatory approach should combine high prudential standards, legal certainty and openness to innovation, while ensuring the effective protection of financial stability, consumers and the integrity of the Single Market; stresses the importance of promoting international coordination on the regulation and supervision of global stablecoins through structured dialogue with the United States and other relevant jurisdictions, with a view of developing international standards;

Or. en

Amendment 161

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Recalls that MiCA already caps tokens “used widely as a means of exchange” at €1m transactions and €200m per day in a single currency area; demands strict enforcement of these caps for non-EU currency denominated EMTs in the euro area; calls on the Commission to look into further safeguards for non-EU denominated stablecoins, such as lowering thresholds specifically for non-EU-currency EMTs used in cross-border trade, and ring-fencing the use of foreign-currency stablecoins, restricting their use to clearly defined, supervised wholesale purposes (e.g. specific capital-markets use cases), with strong liquidity, reserve and transparency requirements;

Or. en

Amendment 162

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Stresses that divergent supervisory approaches to the permissibility of non-EU stablecoin multi-issuer schemes risk undermining financial stability and the integrity of the Single Market, which runs counter the objectives and safeguards of the MiCA Regulation; in this context, calls on the EBA to proactively promote a coordinated supervisory approach across the Union to restrict or prohibit such schemes, in order to address financial stability risks and prevent regulatory arbitrage, pending a legislative solution.

Or. en

Amendment 163

Johan Van Overtveldt

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Welcomes the provisional agreement on PSD3/PSR and the simplified authorisation solution for crypto asset service providers already authorised under MiCAR to avoid unnecessary regulatory overlap, which would be subject to a streamlined procedure, while keeping appropriate risk controls and providing only services specified in the application;

Or. en

Amendment 164

Jussi Saramo

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Notes that in October 2025, the stablecoin issuer Paxos, authorised in the EU, accidentally minted USD 300 trillion of US dollar-based stablecoins; recalls that there are inherent risks in the centralised minting process of stablecoins and that legal compliance alone does not guarantee financial stability;

Or. en

Amendment 165

Auke Zijlstra

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Recommends targeted amendments to MiCAR to better facilitate the issuance and adoption of euro-denominated stablecoins, with clear provisions on the issuance of stablecoins that are fully backed by euro-denominated assets, to reduce the EU's reliance on USD-denominated stablecoins;

Or. en

Amendment 166

Gilles Boyer, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Highlights the growing role that tokenised commercial bank money, including tokenised deposits and deposit tokens, may play in the development of digital financial markets; notes that these instruments, as liabilities of credit institutions recorded on distributed ledger infrastructures, may provide access to remunerated digital deposits while supporting the financing of the real economy; considers that tokenised bank money may complement stablecoins and other digital settlement assets, while stressing the need to monitor potential shifts in liquidity to safeguard financial stability and efficient credit intermediation; encourages the Commission to assess the regulatory conditions needed to enable the issuance, interoperability and supervision of tokenised deposits across the Union banking sector.

Or. en

Amendment 167

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Highlights the disintermediary nature of stablecoins, causing retail deposit outflows, diminishing a significant source of funding for banks and leaving them with more volatile funding; warns that, consequently to this deposit-substitution mechanism, stablecoin may amplify monetary policy shocks and weaken the predictability and effectiveness of policy actions;

Or. en

Amendment 168

Auke Zijlstra

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Calls for a targeted amendment to MiCAR to facilitate more market-driven issuance of euro-denominated stablecoins, thereby promoting innovation and enhancing the competitiveness of the EU financial services sector in the digital age.

Or. en

Amendment 169

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 12 c (new)

Motion for a resolution

Amendment

12 c. Takes note of the ESRB observation that US crypto policies seek to strengthen the dollar’s dominance by promoting the development and adoption of USD-denominated stablecoins worldwide; calls on the Commission to regularly report on the share of EU cross-border trade and corporate treasury operations conducted in foreign-currency stablecoins and on the impact of the GENIUS Act and other non-EU regulations on EU monetary sovereignty and financial stability;

Or. en

Amendment 170

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 12 d (new)

Motion for a resolution

Amendment

12 d. Reaffirms that any upcoming reviews and new legislative proposals in this area must be assessed against their impact on strengthening the euro’s international role, the EU strategic autonomy, and financial stability in the Union;

Or. en

Amendment 171

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Subheading 4 a (new)

Motion for a resolution

Amendment

Regulatory gaps and legislative follow-up

Or. en

Amendment 172

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Underlines further that the rapid expansion of dollar-backed stablecoins, supported by crypto-friendly policies in the US, may reinforce the international role of the US dollar and deepen the Union’s structural dependence on non-EU digital, financial and payment infrastructures, thereby posing risks to the Union’s financial stability, digital resilience and strategic autonomy;

Or. en

Amendment 173

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 c (new)

Motion for a resolution

Amendment

12 c. Recalls the findings of the Financial Stability Board (FSB) that significant gaps and inconsistencies persist in the global implementation of regulatory frameworks for crypto-assets and stablecoins, creating risks of regulatory arbitrage and potential threats to financial stability; underlines that the lack of regulatory convergence should be duly taken into account when assessing the introduction of an equivalence regime under MiCA for third-country issuers;

Or. en

Amendment 174

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 d (new)

Motion for a resolution

Amendment

12 d. Welcomes the ESMA statement calling on crypto-asset service providers to restrict or ban services that facilitate the offering or trading of non-compliant stablecoins; notes however divergent supervisory approaches across Member States as regards the scope of crypto-asset services involving non-authorised stablecoins that should be prohibited, thereby creating risk of regulatory arbitrage and undermining the consistent application of the MiCA Regulation; calls on the ESAs and the AMLA to assess the exposure of EU crypto-asset service providers to non-authorised stablecoins and associated risks to financial stability and to AML/CTF; calls on the Commission to provide additional clarification and ensure harmonisation as regards to services involving unauthorised stablecoins in the context of the forthcoming review of MiCA;

Or. en

Amendment 175

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 e (new)

Motion for a resolution

Amendment

12 e. Underlines that decentralised finance, crypto-asset lending and borrowing, including staking, currently fall outside the scope of the MiCA Regulation; is concerned that these activities are also particularly vulnerable to high money laundering and terrorist financing risks due to limited user verification and lack of oversight; recalls that, under Article 142 of the MiCA Regulation, the Commission was required to carry out, by December 2024, an assessment of those activities and to assess the need for a legislative proposal; underlines further that an interim report on the application of MiCA, was due by June 2025, which would include, inter alia, an assessment of possible policy options to mitigate the environmental and climate-related impacts of crypto-assets; regrets that neither report has been presented to date; calls on the Commission to take action to close this regulatory gap and address related risks, taking into account the EBA and ESMA joint report;

Or. en

Amendment 176

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 f (new)

Motion for a resolution

Amendment

12 f. Highlights that multi-function groups, referred to as ‘crypto conglomerates’, remain outside effective consolidated supervision unlike traditional financial groups; warns that this is a loophole which amplifies risks linked to poor governance and conflicts of interest, contagion, interconnectedness, and regulatory arbitrage, especially in light of their size, opaque structure and concentration; calls on the ESAs, AMLA, the ECB, the ESRB and the national competent authorities, to strengthen the supervisory dialogue and supervisory coordination in this area, including through enhanced data sharing and joint risk assessments; underlines the need to develop a regulatory framework for crypto conglomerates, ensuring consolidated group-level supervision and harmonised reporting;

Or. en

Amendment 177

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Subheading 5

Motion for a resolution

Amendment

Other aspects

Cross-cutting considerations in EU digital finance

Or. en

Amendment 178

Siegbert Frank Droese

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Underlines that interoperability is crucial in digital finance, requiring, for instance, portable identity and verifiable credentials as enabling components of cross-network market infrastructure; stresses that legal entity identifier/verifiable legal entity identifier-type approaches should be assessed as infrastructure-grade tools, provided participation remains voluntary and does not lead to centralised identity tracking;

Or. en

Amendment 179

Markus Ferber

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Underlines that interoperability is crucial in digital finance, requiring, for instance, portable identity and verifiable credentials as enabling components of cross-network market infrastructure; stresses that legal entity identifier/verifiable legal entity identifier-type approaches should be assessed as infrastructure-grade tools; calls on the Commission to work with European and international standards organisations to develop common technical standards and protocols for digital assets, smart contracts, and digital identities, ensuring interoperability and avoiding market fragmentation;

Or. en

Amendment 180

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Calls on the Commission and the EBA to ensure that future regulatory actions preserve a clear distinction between electronic money tokens and bank deposits and that funds deposited in exchange for electronic money tokens are not eligible for coverage under the deposit guarantee scheme;

Or. en

Amendment 181

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Welcomes the ongoing discussions on the digital euro, including preparations for both retail and wholesale uses, and supports ongoing short-term track (Pontes) and long-term track (Appia) DLT projects for wholesale central bank money settlement; underlines that, in a context of growing geopolitical uncertainty and dependence on non-EU payment infrastructures, the digital euro will strengthen the Union's monetary sovereignty, support the resilience of the Single Market and enhance the international role of the euro; stresses therefore the importance of establishing an ambitious legislative framework for a public, pan-European digital payment solution;

Or. en

Amendment 182

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Welcomes the ongoing discussions on the digital euro and its potential role in strengthening the Union’s strategic autonomy in payment systems by reducing dependence on third-country infrastructure; calls on the Commission and the ECB to ensure that future digital euro solutions are designed to facilitate interoperability with DLT infrastructures, ensuring coexistence alongside cash and preserving its role as a universally accepted means of payment;

Or. it

Amendment 183

Siegbert Frank Droese

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Notes the ongoing discussions on the digital euro and stresses concerns regarding financial surveillance, banking disintermediation, and risks to monetary sovereignty;

Or. en

Amendment 184

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Welcomes the ongoing discussions on the digital euro; underlines that the introduction of a digital euro as a complement to cash is essential strengthen the Union’s monetary sovereignty and enhance the integrity and resilience of the European payments ecosystem, particularly in light of the rapid expansion of private digital payment solutions and foreign-currency-denominated stablecoins; underlines further the importance of developing a wholesale central bank money for the settlement of DLT financial transactions in euro, in order to support the safer development of tokenised financial markets and the efficiency of EU financial markets, while preserving financial stability;

Or. en

Amendment 185

Jussi Saramo

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Welcomes ongoing discussions on the digital euro; highlights that the digital euro would offer a public alternative to stablecoins, preserving monetary sovereignty without stiffening innovation;

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Amendment 186

Jonás Fernández, Aurore Lalucq, Irene Tinagli, César Luena, Eero Heinäluoma, Carla Tavares, Matthias Ecke, Adnan Dibrani, Lara Wolters

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Notes the ongoing discussions on the digital euro; remarks that Commission states in its Regulation on the establishment of the digital euro that “third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy” and that “a digital euro would therefore be important to maintain the role of the euro in the digital age.”;

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Amendment 187

Anouk Van Brug, Gilles Boyer

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Notes the ongoing discussions on the digital euro; calls on the European Central Bank to safeguard strategic autonomy during the recently launched pilot phase in order to prevent foreign actors from exerting undue influence over the functioning of the digital euro; recalls in this particular regard its disapproval over the ECB's choice to select Amazon during the 2022 prototyping exercise;

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Amendment 188

Markus Ferber

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Notes the ongoing discussions on the digital euro; points out that the digital euro as designed by the ECB and proposed by the European Commission is not a full substitute for private stablecoins as it lacks certain design features that would make it useful in a DLT context;

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Amendment 189

Stefan Berger

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes the ongoing discussions on the digital euro;

14. Notes the ongoing discussions on the digital euro; calls for its ability to influence the broader adoption of digital assets, tokenised traditional assets and DLT across capital markets union infrastructure;

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Amendment 190

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Warns that the growing involvement of Big Tech companies in the payment and digital asset ecosystem, may accelerate dollar-backed stablecoins adoption and amplify systemic risks to financial stability, competition and consumer protection, given their ability to leverage extensive user bases; calls on the Commission, the ESAs and the ECB to closely monitor these developments, ensure coordinated regulatory responses and guarantee the strict and consistent enforcement of the MiCA Regulation vis-a-vis non-EU issuers;

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Amendment 191

Markus Ferber

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Welcomes the ECB's ongoing work on developing a European tokenised financial ecosystem based on wholesale central bank money settlement via a short-term solution (Pontes) and a longer-term approach (Appia); encourages the ECB to continue and speed up the work on both workstreams;

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Amendment 192

Stefan Berger

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Urges the ECB to accelerate testing via the DLT Pilot Regime, and to expand cross-border and multi-currency experiments in cooperation with other major central banks;

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Amendment 193

Markus Ferber

Motion for a resolution

Paragraph 14 b (new)

Motion for a resolution

Amendment

14 b. Welcomes the publication of the Eurosystem's Appia roadmap for Europe’s tokenised finance and the accompanying consultation; urges the ECB to continue and swiftly conclude its work on the operationalisation of Appia;

Or. en

Amendment 194

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that the US administration’s treatment of digital assets should be monitored with prudence;

15. Regrets the EU’s dependence on non-EU service providers and infrastructure for the digital assets ecosystem; highlights that such dependency creates vulnerabilities for the Union’s financial stability and supervisory action; emphasises that the US administration’s treatment of digital assets should be monitored with prudence, in particular as a more permissive regulatory approach could increase global financial risks, create opportunities for regulatory arbitrage and undermine Union’s financial stability and supervisory safeguards; calls on the Commission and the ESAs to identify critical dependencies and concentration risks and propose measures to reduce excessive reliance on third-country providers;

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Amendment 195

Siegbert Frank Droese

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that the US administration’s treatment of digital assets should be monitored with prudence;

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure and calls for strengthening domestic innovation ecosystems rather than increasing regulatory burdens; emphasises that the US administration’s treatment of digital assets should be monitored with prudence; rejects the politicisation of digital assets through ESG or sustainability criteria that distort market-based innovation;

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Amendment 196

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that the US administration’s treatment of digital assets should be monitored with prudence;

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that third countries' treatment of digital assets should be monitored with prudence;

Or. it

Amendment 197

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that the US administration’s treatment of digital assets should be monitored with prudence;

15. Notes the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that the US administration’s treatment of digital assets should be monitored with prudence;

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Amendment 198

Stefan Berger

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that the US administration’s treatment of digital assets should be monitored with prudence;

15. Regrets the EU’s dependence on non-EU service providers for DLT infrastructure; emphasises that the US administration’s treatment of digital assets should be monitored with prudence; notes the US administration's CLARITY Act proposal, recognising the need for an EU-wide DLT facilitated ecosystem to promote capital markets innovation;

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Amendment 199

Stefan Berger

Motion for a resolution

Paragraph 15 a (new)

Motion for a resolution

Amendment

15 a. Recognises the international drive for control of DLT based payment rails, including the US push for broader stablecoins adoption and China’s experimentation with broader DLT technologies through engagement with Hong Kong markets;

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Amendment 200

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes the ongoing discussions on the supervision of crypto-asset service providers;

16. Stresses that, due to the inherently cross-border nature of crypto-asset markets, supervisory fragmentation is particularly vulnerable to regulatory arbitrage and forum shopping; welcomes the ongoing discussions on the EU-wide supervision of crypto-asset service providers; considers that stronger Union-level supervision, including direct ESMA supervision of the largest crypto-asset service providers and multi-function crypto groups, is necessary to ensure consistent enforcement of the MiCA Regulation, safeguard the integrity of the Single Market and preserve financial stability;

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Amendment 201

Markus Ferber

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes the ongoing discussions on the supervision of crypto-asset service providers;

16. Takes note of the ongoing discussions on the supervision of crypto-asset service providers as part of the Market Integration and Supervision Package;

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Amendment 202

Christophe Gomart

Motion for a resolution

Paragraph 16 a (new)

Motion for a resolution

Amendment

16a. Warns of the growing crime affecting users in the crypto-asset sector (violent extortion, abductions and kidnapping); calls on platforms and users to enhance transaction security by all means possible (storage of private keys and wallets offline, multi-factor authentication and signature, discretion on networks); calls on law enforcement to cooperate in blocking any detected or reported illegal transactions; calls for MiCAR to require separate storage of users’ physical addresses and wallets to limit the risk of wrongdoing in the event of data leaks;

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Amendment 203

Markus Ferber

Motion for a resolution

Paragraph 16 a (new)

Motion for a resolution

Amendment

16 a. Highlights that the high risk weights and strict concentration limits applied to banks's crypto exposures outlined in the Capital Requirements Regulation can pose a barrier to the development of a thriving ecosystem for digital assets in the EU; invites the European Commission to revisit the strict provisions of the transitional regime and come up with a more targeted and more proportionate approach;

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Amendment 204

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 16 a (new)

Motion for a resolution

Amendment

16 a. Invites the ESRB and the ESAs to systematically address and monitor the systemic risks arising from the interconnectedness of the crypto sector with the traditional financial sector, in particular the indirect exposures of traditional financial institutions to digital assets through deposits from crypto firms and the provision of custodial services;

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Amendment 205

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 16 a (new)

Motion for a resolution

Amendment

16 a. Notes the ongoing discussions on the development of a 28th regime; acknowledges that such a framework could enable digital asset activities to operate seamlessly across the Single Market, reducing regulatory fragmentation and facilitating the scaling of digital financial markets in the Union.

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Amendment 206

Maria Ohisalo

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 16 b (new)

Motion for a resolution

Amendment

16 b. Calls on the Commission, in close cooperation with the relevant supervisory authorities, to assess whether the regulatory framework should be further aligned with the standards applicable under the Markets in Financial Instruments Directive, in particular in order to address risks arising from vertically integrated business models, conflicts of interest and weaker consumer protection safeguards for investors, as illustrated by recent failures in crypto-asset markets;

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