The European Parliament approved the list of commissioners Wednesdayincluding those who will be responsible for monitoring regulations regarding digital assets.

In September, the President of the European Parliament, Ursula Von der Leyen proposed a list of commissioners. Although crypto is not a central topic among the roles, this group will be responsible for ensuring the implementation of digital asset rules.

The European Union (EU), a bloc of 27 countries, was the world’s first major jurisdiction to establish a tailor-made crypto legislative package last year, also known as crypto asset markets legislation (MiCA). The stablecoin rules came into effect in June, while the rest of the rules are expected to come into effect by December..

“I don’t expect a big legislative agenda in the blockchain space and in the digital space per se, over the next year,” said Mark Foster, head of European policy at the Crypto Council for innovation.

Although no commissioner role is solely dedicated to crypto, the EU must nevertheless ensure that MiCA is respected. Some commissioners will have digital assets in their mandate as the country advances its crypto rules, Foster said.

“What the industry really wants is for the EU to continue to talk with its international partners and ensure that the rules that are developed around the world are, as far as possible, interoperable, consistent and continue the same goals,” Foster said.

Commissioners have also been tasked with examining whether or not more regulation is needed.

“According to MiCA, we are also required to report on the latest developments in crypto assets, including an assessment of the need and feasibility of regulating decentralized financial activities, lending and borrowing of assets cryptographic activities, as well as non-financial fungible tokens,” Marcel Haag, director of horizontal policies at the European Commission, said at a Crypto Council for Innovation forum last week.

They will also have to decide whether or not to end the Distributed Ledger Technology pilot or make permanent and consider a proposal to establish a legal framework for the digital euro, a central bank digital currency issued by the European Central Bank.

The commission should also launch a legal analysis on the suitability of member states’ legislation for the tokenization of financial assets, Haag said.

Learn more: MiCA, the EU’s new comprehensive crypto regulations, explained

The Commission

The European Commission is the executive branch of the EU. Each member state must select one person to form the commission.

Von der Leyen, who called for a gender-balanced group of commissioners, was tasked with choosing the roles each person will take on over the next five years. People have been nominated for positions in trade, climate, technology, economics, international partnerships, finance and much more.

Each commissioner will have their own objective, but Von der Leyen said in his speech mission letters the priorities are not isolated and will influence each other.

Additionally, cryptography is a cross-sector topic, said Faustine Fleuret, president of industry group ADAN which focuses on Web3, adding that they could “engage with everyone” within the commission regarding the sector.

Commissioners from Portugal, Finland and France will likely have some power over crypto.

Stéphane Séjourné

Frenchman Stéphane Séjourné was chosen as executive vice-president in charge of prosperity and industrial strategy, as well as commissioner in charge of industry, small and medium-sized enterprises (SMEs) and the single market.

This the work would be to improve access to financeby simplifying the regulatory environment and promoting innovation for small and medium-sized businesses. He will also oversee a project called the “horizontal single market strategy” which will require him to remove barriers to the movement of goods and services abroad. His role could bring crypto under his watch, Fleuret said.

Fleuret said she sees the industry pushing Web3’s interests and positions on “commercial and economic security, finance, capital market union, innovation and research” to Séjourné.

“We had previous relationships with Stéphane Séjourné during the MiCA negotiations, and at that stage he was quite open to innovation,” Fleuret said, adding that he believed in regulating the sector but knew not to hinder the crypto with too strict rules.

Maria Luis Albuquerque

Portugal Maria Luis Albuquerque will be Commissioner for Financial Services and the Savings and Investment Union. His work will include ensuring the application of financial sector rules and improving the EU’s supervisory system. She will work to improve digital finance and payments.

In addition, Albuquerque will ensure the application of anti-money laundering package which targets large cash payments, crypto companies and more.

The EU plans to a MiCA 2.0 to solve problems like crypto staking, lending, and decentralized finance.

“If the commission were to propose new legislation specifically for digital assets, it would most likely be Portuguese Commissioner Albuquerque,” ​​Foster said.

She may need to coordinate and get input from one of the executive vice presidents, who would most likely be Stayed, Foster added.

“She has a background in financial services. She’s a former finance minister… So she has a lot of experience in traditional finance,” Foster said. His cryptographic views were not available online.

Henna Virkkunen

Another number that the industry believes is important to monitor is Virkkunen henna from Finland.

“We also think that a really important portfolio will be that of Henna Virkkunen, who will be in charge of technology, sovereignty, security and democracy, because of all the related topics within Web3,” he said. declared Fleuret.

Virkkunen’s role will include driving innovation in artificial intelligence, examining how digital technologies will improve law enforcement capabilities, strengthening cybersecurity, and taking enforcement action using law enforcement. digital services where necessary to promote online safety. She it will also be necessary to work with Séjourné.

Learn more: Elections across Europe won’t hamper the Bloc’s crypto ambitions