On November 24, the EU Council adopted its position on two proposals, namely 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 negotiations with the European Parliament, with a view to reaching agreement at first reading.

First introduced on 24 September, the European Commission "Digital Finance Package" consists of

• A digital finance strategy

• A renewed strategy for modern and safe retail payments

• Four legislative proposals: a proposal for a regulation on markets in crypto-assets (MiCA); a proposal for a regulation on digital operational resilience (DORA); a proposal for a regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT pilot regime); and a complementing proposal for a Directive amending several directives (Amending Directive).

The Package will enable a competitive, innovative and digitally-resilient financial market while at the same time preserving consumer protection and financial stability.

While MiCA proposal will create a framework for the issuance, and provision of services related to crypto-assets, the DORA proposal aims to strengthen the digital operational resilience for financial institutions through a stringent and robust regulation of information and communication technology (ICT) related risks.

For more information on MiCA and DORA read our previous summaryhere.