QUICK TAKE

• - The coordination between the European Union’s financial supervisors will increase “tremendously” in the wake of new digital policies like MiCA, chairperson of the European banking Authority said to members of the European Parliament. 
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• - MiCA calls for supervisory authorities to oversee the implementation of the new crypto regulations due to roll out starting 2024.

The coordination between the European Union's financial supervisors has "increased tremendously" and will continue to do so thanks to new crypto regulatory framework, said European Banking Authority’s Chair Jose Manuel Campa.

Campa made the remarks while addressing the European Parliament’s Committee on Economic and Monetary Affairs. The EBA chair referred to legislation before the Parliament, including the Markets in Crypto-Assets framework expected to pass in November. After the anticipated passage of MiCA, Europe’s financial watchdogs will have a key role in finalizing new crypto rules will be implemented across EU member states in the coming months. 

The proposed regulatory framework for digital assets, as well as cybersecurity legislation before the Parliament, will be a "qualitative change" for the EU, said Campa. "This is not only for the financial sector - that qualitative change is broader in society.”