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Part II Digitalization of Money and Finance, 11 Regulation of Cryptoassets: The EU/EEA Perspective in the Global Context

Klaus Peter Follak

From: International Monetary and Banking Law post COVID-19

Edited By: William Blair, Christos Gortsos, Chiara Zilioli

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 27 February 2024

Subject(s):
Capital markets — Euro — Financial regulation — International financial system — Monetary system — Basel committee on Banking Supervision — Financial Stability Board (FSB)

This chapter discusses the EU and European Economic Area (EEA) perspectives on the regulation of crypto assets. It highlights how developments in the crypto assets industry will have an immense potential for innovation and efficiency gains in the financial sector. Since crypto assets and tokenization might revolutionize the financial industry, the EU crypto asset regulation is treated as an integral part of the Commission’s digital finance strategy. Moreover, the EU expects the crypto asset sector to provide a significant contribution to addressing the economic effects of the COVID-19 outbreak. The chapter covers the formal Trilogue procedures with the Parliament and the Commission to finalize the legislative process over crypto assets.

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