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DRAFT REPORT (2025/2208(INI))

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

ECON-PR-784381

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

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✦ In short · AI summary of this text, generated 4 Sept 2026

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This draft report addresses digital assets and their challenges for the EU financial system. It supports a system-wide, activity-based, and technologically neutral regulatory approach, and calls for strengthened data capabilities and supervisory dialogue on multi-function groups. It highlights risks such as AML/CFT evasion and stablecoin devaluation, and calls for a legislative proposal on multi-issuance of stablecoins. It also notes benefits of tokenisation and stresses the need for interoperability and monitoring of non-EU dependencies.

Committee position. The rapporteur proposes a resolution that supports a system-wide, activity-based and technologically neutral approach, calls for strengthened data capabilities and supervisory dialogue, and requests a legislative proposal on stablecoin multi-issuance.

Key points

  1. Supports a system-wide, activity-based and technologically neutral approach for the EU regulatory framework for financial services.
  2. Stresses the importance of strengthening data capabilities, especially regarding leverage in the crypto industry and interlinkages with non-banking financial institutions.
  3. Calls on EU supervisory authorities to strengthen supervisory dialogue on significant multi-function groups and align the MiCAR policy framework for them.
  4. Regrets the role of crypto-assets in evading AML/CFT regulations and sanctions, and stresses the need for a better balance between privacy and transparency in KYC standards.
  5. Welcomes the potential benefits of tokenisation for trading financial assets, while noting that vulnerabilities should be monitored; supports the BIS in cross-border payment collaboration.
  6. Notes that stablecoins are a form of private money creation, with similarities to exchange rate pegs, money market funds and narrow banks, but without access to central banks or deposit guarantees.
  7. Calls on the Commission to propose legislation urgently to address the lack of legal certainty on multi-issuance of stablecoins by EU and non-EU entities, with strong prudential safeguards and cooperation arrangements.
  8. Underlines that interoperability is crucial in digital finance, requiring portable identity and verifiable credentials; legal entity identifier approaches should be assessed.
  9. Regrets the EU's dependence on non-EU service providers for DLT infrastructure and emphasises that the US administration's treatment of digital assets should be monitored with prudence.

Who is affected

  • EU supervisory authorities (EBA, ESMA, AMLA, EIOPA, national competent authorities, ECB, ESRB) are called to strengthen dialogue on multi-function groups.
  • The European Commission is called to propose legislation on stablecoin multi-issuance.
  • Crypto-asset issuers and service providers are affected by calls for better AML/CFT compliance and potential new rules on stablecoins.

Figures and deadlines

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