Activities of Gunnar BECK related to 2020/0265(COD)
Plenary speeches (1)
Markets in Crypto-assets (MiCa) - Information accompanying transfers of funds and certain crypto-assets (recast) (debate)
Amendments (38)
Amendment 27 #
Proposal for a regulation
Recital 4
Recital 4
(4) The lack of an overall Union framework for crypto-assets can lead to a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies. In addition, companies using crypto-assets will have no legal certainty on how their crypto-assets will be treated in the different Member States, which will undermine their efforts to use crypto-assets for digital innovation. The lack of an overall Union framework on crypto-assets could also lead to regulatory fragmentation, which will distort competition in the Single Market, make it more difficult for crypto-asset service providers to scale up their activities on a cross-border basis and will give rise to regulatory arbitrage. The crypto-asset market is still modest in size and does not yet pose a threat to financial stability. It is, however, likely that a subset of crypto- assets which aim to stabilise their price by linking their value to a specific asset or a basket of assets could be widely adopted by consumers. Such a development could raise additional challenges to financial stability, monetary policy transmission or monetary sovereignty.
Amendment 33 #
Proposal for a regulation
Recital 5
Recital 5
(5) A dedicated and harmonised framework is therefore necessary at Union level to provide specific rules for crypto- assets and related activities and services and to clarify the applicable legal framework. Such harmonised framework should also cover services related to crypto-assets where these services are not yet covered by Union legislation on financial services. Such a framework should support innovation and fair competition, while ensuring a high level of consumer protection and market integrity in crypto-asset markets. A clear framework should enable crypto-asset service providers to scale up their business on a cross-border basis and should facilitate their access to banking services to run their activities smoothly. It should also ensure financial stability and address monetary policy risksprovide proportionate treatment of the different types of crypto-assets and issuing set-ups, thus allowing equal opportunities for market entry and ongoing and future development. It should also ensure financial stability that could arise from crypto- assets that aim at stabilising their price by referencing a currency, an asset or a basket of such. While increasing consumer protection, market integrity and financial stability through the regulation of offers to the public of crypto-assets or services related to such crypto-assets, a Union framework on markets in crypto- assets should not regulate the underlying technology and should allow for the use of both permissionless and permission-based distributed ledgers. At the same time it shall be recognised that some tokens do not represent payment means or investment assets and as such, shall be allowed to be issued and offered freely in the Union in so far as they are not offered as an investment or payment. The issuers and offerors of such tokens are in all case required to comply with general consumer protection rules applicable in the Union and shall not represent a threat to consumer protection. Union legislation shall not set unnecessary and unproportionate regulatory burden on all use cases of the technology, if the Union and the Member States aim to remain attractive to participants and consumers.
Amendment 55 #
Proposal for a regulation
Recital 9
Recital 9
(9) A distinction should be made between three sub-categories of crypto- assets, which should be subject to more specific requirements. The first sub- category consists of a type of crypto-asset which is intended to provide digital access to a good or service, available on DLT, and that is only accepted by the issuer of that token (‘utility tokens’). Such ‘utility tokens’ have non-financial purposes related to the operation of a digital platform and digital services and should be considered as a specific type of crypto-assets, and their issuers shall be exempt from the application of the Regulation unless offered for investment purposes. Specific types of utility tokens, such as those used to ensure access to services, reward schemes to customers, mining reward tokens, and others, shall be exempt from regulation even if offered publicly as soon as this offering is not made for investment or payment purposes. A second sub- category of crypto-assets are ‘asset- referenced tokens’. Such asset- referenced tokens aim at maintaining a stable value by referencing several currencies that are legal tender, one or several commodities, one or several crypto-assets, or a basket of such assets. By stabilising their value, those asset- referenced tokens often aim at being used by their holders as a means of payment to buy goods and services and as a store of value. A third sub-category of crypto- assets are crypto-assets that are intended primarily as a means of payment aim at stabilising their value by referencing only one fiat currency. The function of such crypto-assets is very similar to the function of electronic money, as defined in in Article 2, point 2, of Directive 2009/110/EC of the European Parliament and of the Council35 . Like electronic money, such crypto-assets are electronic surrogates for coins and banknotes and are used for making payments. These crypto- assets are defined as ‘electronic money tokens’ or ‘e-money tokens’. The definition of the different crypto-assets regulated by this Regulation shall not allow for arbitrary decision as to the type of such crypto-assets. The crypto-assets that are the subject of this regulation shall be defined, first, based on objective technical criteria and second, on their intended use directly linked to such technical design and criteria. The in- practice use of the various concepts of crypt-assets would in most cases be difficult to predict in the emerging and rapidly innovating market. Furthermore, an objective approach shall be adopted when defining whether a token is a non- financial instrument and subject to this Regulation or a financial instrument, and therefore subject to other applicable Union legislation on the markets and financial instruments. Such legal certainty is crucial to attract investments and procure fast development while preserving consumer and investors’ protection. _________________ 35Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7).
Amendment 63 #
Proposal for a regulation
Recital 11
Recital 11
(11) Given the different risks and opportunities raised by crypto-assets, it is necessary to lay down rules for issuers of crypto-assets that should be any legal person who offers to the public any type of crypto-assets or seeks the admission of such crypto-assets to a trading platform for crypto-assets. Issuer of crypto-assets may be a legal or natural person who issues any type of crypto-assets. Offeror of crypto-assets shall be a legal entity who offers to the public any type of crypto- assets or asks for admission to trading of such crypto-assets on a trading platform for crypto-assets. Sometimes the issuance and exchange of crypto-assets may be decentralized, and this shall be reflected and considered by the regulations. Such decentralized issuers shall not be required to organise in a single legal entity and shall not be subject to regulation until the offering of the crypto-assets to the public is centralized.
Amendment 68 #
Proposal for a regulation
Recital 13
Recital 13
(13) To ensure that all offers to the public of crypto-assets, other than asset- referenced tokens or e-money tokens, in the Union, or all the admissions of such crypto-assets to trading on a trading platform for crypto-assets are properly monitored and supervised by competent authorities, all issuers of crypto-assets should be legal entities. To promote and not hinder decentralised issuance of crypto-assets, this requirement may not and shall not apply to decentralised issuers of crypto-assets until and unless the issuance of such crypto-assets is centralised.
Amendment 74 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure a proportionate approach, the requirements to draw up and publish a crypto-asset white paper should not apply to offers of crypto-assets, other than asset-referenced tokens or e-money tokens, that are decentralized or offered for free, or offers of crypto-assets that are exclusively offered to qualified investors as defined in Article 2, point (e), of Regulation (EU) 2017/1129 of the European Parliament and of the Council37 and can be exclusively held by such qualified investors, or that, per Member State, are made to a small number of persons, or that are unique and not fungible with other crypto-assets. Similar exceptions shall apply to asset-referenced tokens and e-money tokens. _________________ 37Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 92 #
Proposal for a regulation
Recital 29
Recital 29
(29) A competent authority should refuse authorisation where the prospective issuer of asset-referenced tokens’ business model may pose a serious threat to financial stability, monetary policy transmission and monetary sovereignty. Such refusal shall be based on clear criteria laid down in a legislative act of the Union. The competent authority should consult the EBA and ESMA and, where the asset- referenced tokens is referencing Union currencies, the European Central Bank (ECB) and the national central bank of issue of such currencies before granting an authorisation or refusing an authorisation. The EBA, ESMA, and, where applicable, the ECB and the national central banks should provide the competent authority with a non-binding opinion on the prospective issuer’s application. Opinions should be non-binding. Where authorising a prospective issuer of asset- referenced tokens, the competent authority should also approve the crypto-asset white paper produced by that entity. The authorisation by the competent authority should be valid throughout the Union and should allow the issuer of asset-referenced tokens to offer such crypto-assets in the Single Market and to seek an admission to trading on a trading platform for crypto- assets. In the same way, the crypto-asset white paper should also be valid for the entire Union, without possibility for Member States to impose additional requirements.
Amendment 116 #
Proposal for a regulation
Recital 41
Recital 41
(41) To ensure that asset-referenced tokens are mainly used as a means of exchange and not as a store of value, issuers of asset-referenced tokens, and any crypto-asset service providers, should not grant interests to users of asset-referenced tokens for time such users are holding those asset-referenced tokens. Some asset- referenced tokens and e-money tokens should be considered significant due to the potential large customer base of their promoters and shareholders, their potential high market capitalisation, the potential size of the reserve of assets backing the value of such asset-referenced tokens or e- money tokens, the potential high number of transactions, the potential interconnectedness with the financial system or the potential cross-border use of such crypto-assets. Significant asset- referenced tokens or significant e-money tokens, that could be used by a large number of holders and which could raise specific challenges in terms of financial stability, monetary policy transmission or monetary sovereignty, should be subject to more stringent requirements than other asset- referenced tokens or e-money tokens.
Amendment 150 #
Proposal for a regulation
Article 1 – point a
Article 1 – point a
(a) transparency and disclosure requirements for the issuance and admission to tradingoffering of crypto-assets, and admission to trading on a trading platform of crypto-assets;
Amendment 153 #
Proposal for a regulation
Article 1 –point b
Article 1 –point b
(b) the authorisation and supervision of crypto-asset service providers and issuers and offerors of asset-referenced tokens and issuers of electronic money tokens;
Amendment 154 #
Proposal for a regulation
Article 1 –point c
Article 1 –point c
(c) the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
Amendment 159 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation applies to persons that are engaged in the issuance of crypto- assets, offering of crypto-assets, or provide services related to crypto- assets in the Union.
Amendment 172 #
Proposal for a regulation
Article 2 – paragraph 3 – point a
Article 2 – paragraph 3 – point a
(a) the European Central Bank, national central banks of the Member States when acting in their capacity as monetary authority or other public authorities;
Amendment 188 #
Proposal for a regulation
Article 2 – paragraph 6 a (new)
Article 2 – paragraph 6 a (new)
6a. The Regulation shall not apply to the following categories of crypto-assets: (a) crypto-assets, other than asset- referenced tokens or e-money tokens, that are not offered for investment purposes. (b) decentralised crypto-assets.
Amendment 220 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
Article 3 – paragraph 1 – point 6 a (new)
(6a) ‘offeror of crypto-assets’ means a legal entity who offers to the public any type of crypto-assets or asks for admission to trading of such crypto-assets on a trading platform for crypto-assets;
Amendment 223 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 b (new)
Article 3 – paragraph 1 – point 6 b (new)
(6b) ‘decentralised crypto-assets’ means crypto-assets issued and exchanged in a decentralised network, where no single entity has the effective control over the transactions in the network, including the issuance and offering of such crypto assets;
Amendment 276 #
Proposal for a regulation
Article 4 – paragraph 2 – introductory part
Article 4 – paragraph 2 – introductory part
2. Paragraph 1, points (b) to (d) shall not apply where:
Amendment 289 #
Proposal for a regulation
Article 4 – paragraph 2 – point e
Article 4 – paragraph 2 – point e
(e) over a period of 12 months, the total consideration of an offer to the public of crypto-assets in the Union does not exceed EUR 12 000 000, or the equivalent amount in another currency or in crypto- assets;
Amendment 294 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
For the purpose of point (a), crypto-assets shall not be considered to be offered for free where purchasers are required to provide or to undertake to provide personal data to the issuer or offeror in exchange for those crypto-assets, or where the issuer or offeror of those crypto-assets receives from the prospective holders of those crypto-assets any third party fees, commissions, monetary benefits or non- monetary benefits in exchange for those crypto-assets.
Amendment 308 #
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) a detailed description of the issuer and of the offeror, when different, and a presentation of the main participants involved in the project's design and development, when known;
Amendment 399 #
Proposal for a regulation
Article 15 – paragraph 7 a (new)
Article 15 – paragraph 7 a (new)
Amendment 430 #
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
3. Competent authorities shall, after the three months referred to in paragraph 2, transmit their draft decision to the applicant issuer, and their draft decision and the application file to the EBA, ESMA and the ECB and ESMA. Where the applicant issuer is established in a Member State the currency of which is not the euro, or where a currency that is not the euro is included in the reserve assets, competent authorities shall consult the central bank of that Member State. Applicant issuers shall have the right to provide their competent authority with observations and comments on their draft decisions.
Amendment 435 #
Proposal for a regulation
Article 18 – paragraph 4
Article 18 – paragraph 4
4. The EBA, and ESMA, the ECB and, where applicable, a central bank as referred to in paragraph 3 shall, within 2 months after having received the draft decision and the application file, issue a non-binding opinion on the application and transmit their non-binding opinions to the competent authority concerned. That competent authority shall duly consider those non-binding opinions and the observations and comments of the applicant issuer.
Amendment 444 #
Proposal for a regulation
Article 19 – paragraph 2 – point c
Article 19 – paragraph 2 – point c
(c) the applicant issuer’s business model may pose a serious threat to financial stability, monetary policy transmission or monetary sovereigntybased on criteria as specified in the Regulation.
Amendment 449 #
Proposal for a regulation
Article 19 – paragraph 3 – introductory part
Article 19 – paragraph 3 – introductory part
3. Competent authorities shall inform the EBA, ESMA and the ECB and, where applicable, the central banks referred to in Article 18(3), of all authorisations granted. ESMA shall include the following information in the register of crypto-assets and crypto-asset service providers referred to in Article 57:
Amendment 456 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 4
Article 21 – paragraph 2 – subparagraph 4
The competent authority may also consult the EBA, ESMA and the ECB, and, where applicable, the central banks of Member States the currency of which is not euro.
Amendment 464 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. IssueOfferors of asset-referenced tokens shall at least every month andkeep in a clear, accurate and transparent manner disclose on their website the amount of asset- referenced tokens in circulation and the value and the composition of the reserve assets referred to in Article 32. Such information shall be updated regularly, at minimum every three months.
Amendment 483 #
Proposal for a regulation
Article 30 – paragraph 11
Article 30 – paragraph 11
11. IssueOfferors of asset-referenced tokens shall ensure that they are regularly audited by independent auditors when this is required by applicable law. The results of those audits shall be communicated to the management body of the issueofferor concerned and made available to the competent authority.
Amendment 711 #
Proposal for a regulation
Article 46 – paragraph 2 – point e a (new)
Article 46 – paragraph 2 – point e a (new)
(ea) the information regarding the governance of the issuance of e-money tokens as decentralised crypto-assets, when applicable;
Amendment 970 #
Proposal for a regulation
Article 77 – paragraph 1
Article 77 – paragraph 1
1. Issuers and offerors of crypto- assets shall inform the public as soon as possible of inside information which concerns them, in a manner that enables the public to access that information in an easy manner and to assess that information in a complete, correct and timely manner.
Amendment 979 #
Proposal for a regulation
Article 77 – paragraph 2 – introductory part
Article 77 – paragraph 2 – introductory part
2. Issuers and offerors of crypto- assets may, on their own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
Amendment 985 #
Proposal for a regulation
Article 77 – paragraph 2 – point a
Article 77 – paragraph 2 – point a
(a) immediate disclosure is likely to prejudice the legitimate interests of the issuers or offerors;
Amendment 990 #
Proposal for a regulation
Article 77 – paragraph 2 – point c
Article 77 – paragraph 2 – point c
(c) the issuers or offerors are able to ensure the confidentiality of that information.
Amendment 1028 #
Proposal for a regulation
Article 99 – paragraph 2 – point i
Article 99 – paragraph 2 – point i
Amendment 1037 #
Proposal for a regulation
Article 100 – paragraph 4 – subparagraph 3
Article 100 – paragraph 4 – subparagraph 3
Amendment 1044 #
Proposal for a regulation
Article 101 – paragraph 2 – point h
Article 101 – paragraph 2 – point h
Amendment 1051 #
Proposal for a regulation
Article 102 – paragraph 4 – subparagraph 3
Article 102 – paragraph 4 – subparagraph 3
Amendment 1143 #
Proposal for a regulation
Article 123 – paragraph 2 a (new)
Article 123 – paragraph 2 a (new)
2a. By way of derogation from this Regulation, crypto-assets that are issued or made available and/or traded in the EU or admitted for trading on a trading platform for crypto-assets on or after [please insert the date of entry into application] in accordance with the laws applicable to such crypto-assets prior to the date of application of this Regulation, may continue to be offered and/or traded for a period until [please insert the date 18 months after the date of application] or until they are granted or finally refused an authorization in accordance with this Regulation provided that the offeror of such crypto-assets has applied for authorization not later than [please insert the date 18 months after the date of application].