Issue link: https://maltatoday.uberflip.com/i/1461072
4 NEWS 17.3.2022 MEPS from the Economic and Mon- etary Affairs committee (ECON) have voted in favour of plans to reg- ulate the use of cryptocurrencies, including regulating assets outside the EU, supporting innovation, mit- igating risks and reducing the eco- logical footprint of cryptocurrency technology. A draft text was upheld in the ECON committee with 31 votes for, four against and 24 abstentions. Committee members also voted in support of starting inter-insti- tutional dialogue between the EP, Commission and council the vote passed with 33 in favour 25 against and no abstentions. e rapporteur for the draft pro- posal is Stefan Berger (EPP) and the document lays out plans for the EU to regulate how cryptocurrencies will be used and regulated. e text delves into what proofs will be needed of a crypto-company to operate in the EU and establishes how member states, central banks and the ECB must act with regard to these new currencies. Part of the justification for amend- ments to the Commission's propos- al illustrates how crypto-currencies are being taken seriously as some- thing which will form a major part of the future economy. "Asset-referenced tokens can achieve market volumes which might have an impact on mone- tary security in the euro area. is should be taken into account by in- volving the ECB accordingly in the form of mandatory positive certifi- cation," Berger said. Asset referenced tokens are cryp- to-assets that seek to maintain a stable value by referring to several currencies, commodities or other crypto-assets, or a combination of such assets. is draft and others like it that will follow in the years to come will be forging ahead into untravelled territory as regulators seek to allow crypto into the mainstream, without putting the European single market or European priorities at risk. e next steps are for the Council and Commission to read the amend- ed draft from parliament, suggest their own amendments and vote on it. is will determine whether the draft goes around for further read- ing and changes or gets favoured and turned into binding law. MEPs ready to regulate cryptocurrency with EU law THE Central Bank of Malta (Bank) launched the update of its Corporate Strategic Plan during a virtual event for all staff members on 14 March 2022. During this event staff members were addressed by the Governor Edward Sci- cluna, Deputy Governors Alexander De- marco and Oliver Bonello, and the Chief Operating Officer Daniele Romano. e Bank confirmed its strategic ob- jectives and key performance indi- cators, identified and prioritised its project portfolio, and ensured a direct relationship between the Bank's strate- gic objectives and the contribution re- quired by each staff member. e Plan will continue to focus on the digital transformation strategy of the Bank and stresses the importance of inclusiveness and equality. Great em- phasis will continue to be given to re- duction of the ecological impact of the Bank. e Corporate Strategic Plan, which was confirmed through a comprehen- sive process with the participation of all levels of management, groups the Bank's strategic objectives into eight building blocks: 1. Ensure active contribution to the European System of Central Banks, support its primary objective of price stability, while participating in its fora and activities. 2. Foster financial stability by strength- ening the resilience of the domestic fi- nancial sector. 3. Ensure a smooth functioning pay- ment system and a secure provision of cash. 4. Continue to be a reference for eco- nomic and financial analysis, research and statistics in Malta. 5. Optimise return on financial assets under our management. 6. Enhance risk mitigation and secu- rity measures, especially to fully safe- guard the systems' integrity. 7. Maintain strong internal govern- ance, in full compliance with the law. 8. Enhance overall efficiency and ef- fectiveness, while actively promoting environmental awareness, corporate social responsibility, inclusiveness, and diversity. e Bank's staff had the opportunity to discuss the Plan with the Governor, Deputy Governors, and the manage- ment. Central Bank of Malta launches corporate strategic plan