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.