The European Parliament adopted a non-legislative report on digital assets Tuesday, with MEPs voting 390 in favour, 86 against, and 134 abstentions to back a framework they describe as "innovation-friendly, well-monitorised" — as MiCA's full enforcement comes into effect.
"Europe must embrace the opportunities offered by digital assets, while keeping risks firmly under control," said Johan Van Overtveldt (ECR, Belgium), the Parliament's rapporteur on the report.
The text acknowledges the EU's first-mover position with MiCAR and DLT-focused legislation, but layers in pointed warnings about structural dependencies the current regime does not directly address.
Stablecoin dominance under scrutiny
The most significant language in the report targets US dollar stablecoins. MEPs warn that the rapid growth and dominance of USD-pegged tokens "could weaken Europe's control over its own currency, undermine financial stability, make central bank policies less effective, and leave the EU dependent on foreign payment systems."
The report explicitly welcomes the growth of euro-denominated e-money tokens under MiCAR as a counterweight, calling for harmonised liquidity and crisis-management rules to support their expansion.
The report also flags a gap in the current regime: there is no legal clarity on whether stablecoins could be jointly issued by an EU and non-EU entity as fully interchangeable tokens. The European Systemic Risk Board has warned that multi-issuance structures could spread financial contagion across borders.
Infrastructure reliance
MEPs regret the EU's reliance on non-EU DLT infrastructure providers, noting that investment and technological development should remain inside the bloc. The comment is likely directed at the concentration of blockchain infrastructure — node operators, validator networks, and custody solutions — outside European jurisdiction.
AML and sanctions monitoring
On enforcement, the Parliament wants stronger supervisory tools to prevent crypto-assets being used to evade anti-money laundering and counter-terrorism financing rules and sanctions. MEPs also call for better data on debt levels in crypto markets and close monitoring of how the US administration treats digital assets.
The report welcomes both retail and wholesale digital euro work, including the ECB's Pontes and Appia DLT settlement projects, and calls on the Commission to ensure future digital euro solutions work smoothly with DLT infrastructure.
The report is non-legislative, meaning it does not automatically trigger new law. It signals Parliament's direction of travel and puts pressure on the Commission to potentially expand MiCA's scope through delegated acts or future proposals.
