Finance Minister participates in the Eurogroup and ECOFIN meetings

Last Updated on Wednesday, 7 October, 2020 at 11:39 am by Andre Camilleri

“Malta welcomes the steps being taken by the Commission and Presidency for a more harmonised approach in relation to digital finance, thus tackling fragmentation in the Digital Single Market for Financial Services”, said Minister Scicluna at the ECOFIN videoconference, which took place on Tuesday, 6th October.

During the meeting, EU finance ministers held an exchange of views on the European Commission’s recently issued Digital Finance Package.

During the discussion, Prof. Scicluna welcomed the steps being taken towards a more harmonised approach concerning digital finance. These measures will seek to address the fragmentation in the Digital Single Market for Financial Services.

Minister Scicluna stressed the importance of a coordinated approach in this regard. He also remarked that stablecoins and other crypto-assets, which have been in circulation for a while now, may present significant risks which need to be addressed within the scope of the Regulation. Minister Scicluna concluded that the initiative goes in the right direction to keep up with technological developments and trends which are leading to rapid digital transformation across various areas. 

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