The bureaucratic institutions of the European Union are preparing to introduce legislation that would impose unified regulations in the field of cryptographic resources. Their legal status is intended to be interpreted as reflecting financial instruments.
Eurocrats would like to present the new regulations this fall. Until then, the conclusions drawn from official environmental and social consultations are to be collected. These consultations started in December 2019.
The paragraph will be found
Their effect is to be a project assuming the definition of all types of cyber assets - including the most classic cryptocurrencies, security tokens, stablecoins and other possible variations of the use of blockchain as a carrier of electronic value.
In addition, it will include provisions relating to the trading of these resources, as well as those governing the operation of blockchain platforms. Due to the fact that crypto assets are to be defined as financial instruments, it will also be necessary to supplement the Directive on Markets in Financial Instruments (2014/65 / EU).
„If it moves, tax it. If it keeps moving, regulate it”
Valdis Dombrovskis, Vice-President of the European Commission, who is responsible for piloting the rules, stated:
Lack of legal certainty is often cited as the main barrier to developing a sound crypto-asset market in the EU. We intend to change that – and here, I believe that Europe is in a position to lead the way on regulation.
The latter, "leadership in the field of regulation", is certainly within the scope of achievable, because the regulations of the European Union are famous for their over-regulation and gargantuan size. The question is, was that really the goal?
In addition, the malicious might notice that the lack of legal regulation has in no way prevented the creators of cryptocurrencies from their development (and if anything, on the contrary, it was the lack of legal burden and interference with everything that was a magnet attracting willing people).
Systemic prose of life
It should be noted that the widely announced, expansive legislative plans of the European Commission - in theory (i.e. according to the founding treaties of the EU) only technical and auxiliary bodies - do not necessarily have to translate into exactly the effect that officials would like.
The legislative process at EU level is complex and lengthy, and the European Parliament and the European Council are also involved. The former is regarded as a rather inertial institution, while the Member States, represented in the latter, very often have different visions and priorities than the Eurocrats from the Commission.
Hence, the final shape of the EU cryptocurrency regulations - if, of course, these regulations are finally adopted at all - will most likely be the result of mutual negotiations, influence attempts, lobbying, political pressure and a game of interests.
The main roles to play in this game will most likely also be played by representatives of the countries involved, not Commission officials - whose proposal will be the starting point, but which may be subject to unplanned changes.
