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

TA-10-2026-0251 · P10_TA(2026)0251 · PE784.381

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

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Parliament's resolution on digital assets addresses challenges for the EU's financial system, covering crypto-assets, tokenisation, stablecoins, and cross-cutting issues. It calls for effective enforcement of MiCAR, monitoring risks, and promoting innovation and interoperability.

Key points

  1. Supports a system-wide, activity-based, and technologically neutral approach for EU financial services regulation.
  2. Underlines DLT and tokenisation potential for the Savings and Investment Union, stressing interoperability.
  3. Urges the Commission to assess regulating crypto-asset lending, borrowing, staking, NFTs, and decentralised finance under MiCAR.
  4. Calls for effective enforcement of MiCAR and asks member states to avoid extra requirements beyond MiCAR or the Transfer of Funds Regulation.
  5. Calls for strengthened data capabilities and monitoring of crypto-asset interconnectedness and leverage.
  6. Calls for supervisory dialogue on significant multi-function groups and alignment of MiCAR policy for non-bank MFGs.
  7. Calls on supervisors to develop technical expertise for DLT, smart contracts, cyber-resilience, and operational risk.
  8. Expresses concern about crypto-assets in AML/CFT evasion and sanctions; stresses stronger supervisory tools and cooperation.
  9. Stresses that tokenised financial instruments must grant equivalent rights to traditional securities to prevent arbitrage.
  10. Urges the Commission to facilitate tokenisation, ensuring interoperability and preventing fragmentation.
  11. Notes with concern the dominance of US dollar-denominated stablecoins and its risks to EU monetary sovereignty.
  12. Welcomes euro-denominated e-money tokens and stresses harmonised liquidity-risk and crisis-management frameworks.

Who is affected

  • EU member states: refrain from adding requirements beyond MiCAR and Transfer of Funds Regulation.
  • EU supervisory authorities (EBA, ESMA, AMLA, etc.): strengthen dialogue and develop technical expertise.
  • Crypto-asset issuers and service providers: subject to MiCAR enforcement and potential new rules.
  • Stablecoin issuers: face scrutiny on multi-issuance and reserve requirements.

Figures and deadlines

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