EU Commissioner for Financial Services, Maria Luís Albuquerque, held talks on Tuesday with financial firms, consumer groups and civil society representatives on how new EU rules for crypto-assets and cyber resilience are working in practice.
The meeting was billed as an “implementation dialogue” on digital finance, bringing together stakeholders to share experiences of applying the rules, raise challenges and discuss where procedures could be improved, the European Commission announced.
Two EU laws were on the agenda: the Markets in Crypto-Assets Regulation — known as MiCA — and the Digital Operational Resilience Act, or DORA. MiCA sets EU-wide rules for crypto-assets, while DORA sets requirements intended to help financial organisations manage cyber and technology risks.
Albuquerque said MiCA and DORA are “essential” to building a “secure and effective digital financial system”, adding that the rules must “work well in practice” for those implementing them.
Focus on MiCA and DORA implementation
The dialogue was split into two sessions, with the first looking at the EU’s crypto-asset framework and assessing the overall “fitness” of MiCA, the Commission said.
The second session reviewed early experience of implementing DORA, including practical issues arising as organisations put the law into effect.
The Commission stated that “implementation dialogues” are required annually for all Commissioners under its Communication on Implementation and Simplification for the 2024–2029 mandate.
