The public consultation launched by the European Commission for the creation of a common regulatory framework has closed

The only Italian entity to have participated in the consultation in all three phases was Coinlex, a network of professionals offering advice on the legal aspects of cryptocurrencies.

Public consultation launched by the European Commission on a common regulatory framework has closed PRESS RELEASES

On Monday 11 January, the consultation on the Proposal for a Regulation of the European Parliament and of the Council on crypto-assets markets, amending Directive (EU) 2019/1937, closed.

The Consultation finds its origin when, on 10 September 2019, Ursula von der Leyen (newly appointed President of the European Commission) sent the Mission Letter to Commissioner Valdis Dombrovskis, Vice-President and European Commissioner for Financial Stability, Financial Services and the Single Capital Market, which clearly stated on page 6: „ensure a common approach with Member States“.

On 13 December 2019, the ROFIEG (Expert Group on Regulatory Barriers to Financial Innovation – FinTech) established in DG FISMA published its Final Report on Regulatory Barriers, identifying needs for action in the area of crypto-assets.

On 19 December 2019, the European Commission launched a Public Consultation on the creation of a European Common Regulatory Framework for crypto-assets.

The only Italian entity that participated in the consultation in all three phases was Coinlex, a network of professionals (lawyers and certified public accountants) specialised in advising on the legal and regulatory aspects of crypto-assets, cryptocurrencies and Bitcoin, signed Stefano Capaccioli, Paolo Luigi Burlone and Giorgio Maria Mazzoli, with:

Comment on 12.01.2020 on the Impact Assessment document Ares(2019)7834655;
Participation in Public Consultation with document dated 19.03.2020;
Comments of 11.01.2021 on the Proposed Regulation on „Markets in Crypto Assets“.
Several European and global giants participated in the consultation, including the German Stock Exchange, Facebook, BBVA, Libra, Caisse des Dépôts and Paris Europlace. On closer inspection, German and French companies and public institutions stood out for the attention paid to this Proposal for a Regulation that will have an impact throughout the European Union.

For Italy, in addition to Coinlex, only Gim Legal STA (Avv. Giulia Aranguena), ABI, Associazione Nazionale Consulenti Finanziari – ANASF submitted comments.

Interviewed, Stefano Capaccioli, president and founder of Coinlex:

„Participation in consultations is an opportunity that Coinlex has always taken advantage of, in order to direct the Legislator to pay attention to the fact that with crypto-assets the interpretative paradigm changes with the consequent impossibility of extending the rules for the traditional world.

This is a laborious activity that requires study and analysis of the various regulations in order to reconcile technological and regulatory requirements, an activity that is, moreover, carefully carried out by the European institutions.

The need for harmonisation with Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for businesses was strongly emphasised, and comments were made on the definitional part in order to modulate the legislation on the different characteristics of crypto-activities.

The attention that German and French institutions have paid to this Consultation makes us proud to have been able to express our thoughts.“