site.btaMarkets in Crypto-Assets Bill Adopted on First Reading

Parliament Thursday voted, 133-36, with 10 abstentions, to pass on first reading a Government-proposed Markets in Crypto-Assets Bill.

The proposed bill introduces measures into national legislation to ensure the implementation of requirements set out in EU regulations concerning crypto-asset markets, the information accompanying transfers of funds and crypto-assets, as well as measures related to the digital operational resilience of the financial sector. The Regulation (EU) 2023/1114 on markets in crypto-assets aims to establish a harmonized regulatory framework across the EU and supervisory guidelines for the issuance, offer to the public and admission to trading of crypto-assets, as stated in the reasons to the bill.

Crypto-asset service providers have until December 31, 2025 to align their activities with the new requirements.

The reasons also state that the aim of the new legislation is to protect clients of crypto-asset service providers and holders of crypto-assets, to create conditions for the development of a transparent and efficient crypto-asset market, to maintain stability, transparency and trust in the crypto-asset market, and to support innovation and fair competition in the sector. A more reliable and secure crypto-asset market will be established, the sponsors of the bill argue.