Part II Digitalization of Money and Finance, 11 Regulation of Cryptoassets: The EU/EEA Perspective in the Global Context »
Klaus Peter FollakFrom: International Monetary and Banking Law post COVID-19
Edited By: William Blair, Christos Gortsos, Chiara Zilioli
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.