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The government approved the draft law on the implementation of the EU regulation on crypto-asset markets

by AI | 23.Aug 2024 | Europe in brief AI

The regulations on the crypto-assets market and greater transparency and security of digital financial systems are being transferred into the national legal order, which is expected to strengthen investor protection.

Trading with cryptocurrencies requires safer and more transparent digital financial environments. Photo: dpa/STA

Ljubljana – On Thursday, the government determined a draft law on the implementation of the EU regulation on crypto-assets markets. With this, the previously adopted EU regulations that define the crypto-assets market and aim for safer and more transparent digital financial systems will be transposed into the national legal system. The goal of the European regulation is primarily to protect investors by increasing transparency and establishing a comprehensive framework for issuers and service providers, including compliance with anti-money laundering rules, the Ministry of Finance explained in a statement after the government session.

The regulation provides specific rules for crypto-assets and related services and activities that are not yet covered by EU legislative acts on financial services. It applies to natural and legal persons and certain other entities engaged in the issuance, public offerings, and trading of crypto-assets or providing services related to these assets in the EU.

Based on the regulation with the draft law, the government designates the competent authorities for issuing and revoking licenses and supervising service providers related to crypto-assets. These will be the Securities Market Agency and the Bank of Slovenia. It also determines single points of contact for cooperation with the competent authorities of member states, the European Securities and Markets Authority, and the European Banking Authority, while regulating the method of supervision, supervisory measures, the procedure for their imposition, and offenses imposed by the competent authorities.

The second regulation on information accompanying transfers of funds and certain crypto-assets, which was adopted at the EU level last year, will be transposed into Slovenian law by the Act on the Implementation of the Regulation on Information Accompanying Transfers of Funds and Certain Crypto-Assets, they further explained. The draft proposal of this law is currently undergoing inter-ministerial coordination. (August 23)