Eurozone: EC Vice President Dombrovskis Talks Digital Assets

In a speech delivered to the ECOFIN press conference in Berlin today, European Commission Executive Vice President Valdis Dombrovskis commented on crypto-assets and stablecoins.

It is anticipated that later this month and update will be be presented pertaining to the EU Digital Finance Strategy and digital assets will be part of this goal.

Dombrovskis stated:

“We want the EU financial sector to make the most of the opportunities offered by digitalisation, with innovative European market players leading globally. European consumers and businesses should benefit from digital finance too, while ensuring that risks are properly mitigated.”

He said they want rules that promote innovation while minimizing risk:

“… we will put forward a legislative proposal on markets in crypto- assets,” said Dombrovskis.

He said that some policymakers remain concerned regarding stablecoins and assured the audience that their proposal will “comprehensively” address these concerns. Opening up the door for greater acceptance, Dombrovskis said they will regulate risks regarding questions of financial stability for stablecoins tied to fiat currency that are used for payments:

“…we want to be proportionate: crypto assets provide many opportunities, and we want to regulate innovation in, not out.”

Part of Dombrovski’s portfolio includes completing the European Banking Union and speeding up progress on a Capital Markets Union. He is also the leader regarding Europe in a Digital Age.

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