On 24 November 2021 the EU Council adopted its position on two proposals that are part of the EU's digital finance package: the ‘Regulation on Markets in Crypto Assets' (MiCA) and the ‘Digital Operational Resilience Act' (DORA). This agreed position now forms the EU Council’s negotiating mandate for trilogue negotiations with the European Parliament.

The EU's digital finance package contains a digital finance strategy, proposals on markets in crypto-assets (MiCA), digital operational resilience (DORA) and a proposal on distributed ledger technology (DLT).

The package is intended to bridge a gap in existing EU legislation by ensuring that the current legal framework does not pose obstacles to the use of new digital financial instruments and, at the same time, ensures that such new technologies and products fall within the scope of financial regulation and operational risk management arrangements of firms active in the EU.

The package aims to support innovation and the uptake of new financial technologies while providing for an appropriate level of consumer and investor protection.

Digital finance is an increasingly important part of Europe’s economic landscape. It is essential to create a stimulating environment for innovative businesses while mitigating the risks for investors and consumers. I think today’s agreement strikes the right balance between the two. Both files are a priority for the Presidency and we now hope for a quick agreement with the European Parliament on these proposals. Andrej Šircelj, Minister for Finance of Slovenia