Changes from report parliamentary committee draft to plenary report

Change 1

ChangedB. whereas the total global market capitalisation of crypto-assets stood at EUR 2.03 trillion on 10 February 2026 with a market share of 12.9 % for stablecoins,%, or EUR 261 billion, basedfor onstablecoins, according to private data sources; whereas, according to ECB Working Paper No 3199, market expectations indicate robust growth in stablecoin issuance;

Change 2

ChangedE. whereas Article 2(1) of Regulation (EU) 2022/85812022/8583on the digital ledger technology pilot regime defines ‘distributed ledger technology’ or ‘DLT’ as ‘a technology that enables the operation and use of distributed ledgers’; whereas Article 2(2) defines a ‘distributed ledger’ as an ‘information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism’;

Change 3

ChangedF. whereas Regulation (EU) 2023/1114 on markets in crypto-assets2crypto-assets4 (MiCAR) establishes a harmonised framework in the EU for crypto-assets by distinguishing between three main categories, namely electronic money tokens, which seek to stabilise their value by referencing a single official currency, asset-referenced tokens, which aim to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies, and other crypto-assets, meaning a digital representation of a value or of a right that is able to be transferred and stored electronically using a distributed ledger or similar technology, and do not fall within the other categories;

Change 4

ChangedH. whereas the new US administration is significantly more open towards crypto-assets, which has led to the adoption of key legislation and a more lenient approach to enforcement by supervisory authorities; whereas the regulatory approach in the United States remains under development and US policymakers and regulators generally refer instead to ‘digital assets’, commonly understood to encompass cryptographically digital representations of value or rights secured in a distributed ledger, including cryptocurrencies, stablecoins and certain tokenised instruments;

Change 5

Removed2. Emphasises that the emergence of new technologies poses new challenges for the regulatory and supervisory framework;

Added2. Underlines that DLTs and asset tokenisation have the potential to support the objectives of the Savings and Investment Union by facilitating cross-border investment, reducing market fragmentation and enabling more efficient and inclusive capital market infrastructure across the EU; underlines the critical role of interoperability;

Removed3. Underlines the potential innovation and connectivity capabilities of cryptographically secured distributed ledgers and similar technologies for financial services infrastructure, both within the EU and for the EU’s global role;

Added3. Emphasises that the emergence of new technologies in finance poses new challenges for the regulatory and supervisory framework; notes the diversity of digital assets and recognises that the associated risks and business potential differ from one category to another; affirms its commitment to the targeted revision of EU regulatory frameworks to develop robust, digital-asset-enabled EU capital markets and payment infrastructure; urges the Commission to assess the necessity and feasibility of regulating crypto-asset lending and borrowing, including staking, non-fungible tokens and decentralised finance, under MiCAR;

Added4. Underlines the potential innovation and connectivity capabilities of cryptographically secured distributed ledgers and similar technologies for financial services infrastructure, both within the EU and for the EU’s global role; emphasises that a predictable, innovation-friendly regulatory environment will be essential to ensure that investment and technological development remain within the EU and to foster competitiveness and trust in euro-denominated financial infrastructure;

Change 6

Removed4. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector;

Added5. Acknowledges that the EU was among the first jurisdictions to adopt and implement a dedicated regime for crypto-assets, with MiCAR, and to apply DLT technology in the financial sector; calls on the Commission, in close cooperation with the EBA, ESMA, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) and national competent authorities, to ensure the effective enforcement of MiCAR; calls on the Member States to refrain from introducing additional requirements and liabilities beyond the frameworks of MiCAR or the Transfer of Funds Regulation5;

Removed5. Calls on the EBA, the European Securities and Markets Authority, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, the European Insurance and Occupational Pensions Authority, the national competent authorities, the ECB and the ESRB to strengthen the supervisory dialogue on significant multi-function groups (MFGs); underlines the need to align the MiCAR policy framework for significant non-bank MFGs;

Added6. Stresses the importance of strengthening data capabilities, in particular with regard to leverage in the crypto industry and interlinkages with the non-banking financial institutions sector; urges the Commission to further monitor the interconnectedness of crypto-assets with the financial system; notes that unbacked crypto-assets may be prone to additional risks and volatility;

Removed6. Regrets the role that crypto-assets play in evading anti-money laundering and countering the financing of terrorism regulations and sanctions; stresses the importance of finding a better balance between privacy and transparency in ‘know your customer’ standards and the monitoring of payments;

Added7. Calls on the EBA, ESMA, AMLA, the European Insurance and Occupational Pensions Authority, the national competent authorities, the ECB and the ESRB to strengthen the supervisory dialogue on significant multi-function groups (MFGs); underlines the need to align the MiCAR policy framework for significant non-bank MFGs;

Change 7

Changed10.18. Notes that stablecoins can fall into two categories under the MiCAR legal framework, as asset-referenced tokens and as electronic money (e-money) tokens;

Change 8

Changed11.19. Notes that stablecoins are a form of private money creation and that their economic function shows similarities to exchange rate pegs, money market funds and narrow banks; stresses, however, that MiCAR prohibits issuers of e-money tokens and crypto-asset service providers from directly or indirectly granting interest in relation to e-money tokens, and that stablecoins do not have direct access to central banks and their holders are not subject tocovered publicby deposit guarantees;guarantee schemes; notes the devaluation riskor ofde-pegging and disintermediation risks associated with stablecoins;