Bitkom approached the European Commission’s proposal for Data Act with a positive view.
The Data Act’s purpose is to increase the breadth and depth of data innovation and use inside the European Market. By offering countless new possibilities to Europeans on a personal and professional level, these initiatives will help to hasten the digital revolution.
Bitkom has backed the European Union’s initiatives to synchronize the market for crypto-asset issuers and service providers from the beginning of the process. However, concerns regarding the accuracy of legal definitions, the potential for regulatory overlaps, and issues with the redemption of asset-referenced tokens and e-money tokens have persisted throughout the final phases of the legislative process. Bitkom wants to highlight how crucial it is to tackle about Anti Money Laundering and sustainability within their own contexts.
Bitkom also believes that additional clarification of the authorization regimes for licensed service providers under PSD2 and MiFIDII is necessary. The “financial functions” of cryptocurrencies and Distributed ledger technology-based assets should take precedence over their “technical functions,” according to Bitkom. This would enable the Markets in Crypto Assets to become technology-proof in a field that experiences rapid technological advancement.
Morever, it helps prevent unanticipated effects.
It is important to focus on financial rather than technological factors. For instance, NFTs could not always be used or considered as a crypto-asset. We need to concentrate on some specific issues in more detail in the following section to make sure that the EU does not lag behind other jurisdictions and achieves the ultimate goal of the European Union, which is to “promote the development of crypto assets and the wider use of Distributed ledger technology and support innovation.” The protection of media freedom and the expansion of the EU internal market are essential for a strong and enduring Europe.
ANGA, Bitkom, and ZVEI emphasize the necessity of bolstering the internal market and enhancing dependability and predictability in this business in their joint position paper. They ensured that the legal system was harmonized with a focus on Europe. The Commission’s non-binding prominence standards will only serve to minimize the problem; they won’t offer sufficient legal clarity. An acceptable and more stable legal framework is required for ANGA, Bitkom, and ZVEI. To make the proposal’s scope and language clear, terms like “default settings” must be defined. As a result, there is legal certainty and there are no disparate interpretations of the same statute among Member States. The proposed legislation must continue to be appropriate for the aim it seeks to achieve in order to maintain proportionality.