Summary
- Malta is the smallest EU state and shows limited interest in, and influence over, European crypto policy.
- Conversely, the Netherlands is particularly active in this space, playing a leading role in the crypto sector’s development.
- Poland, meanwhile, has some influence in terms of digital asset files, particularly payment services and their regulation.
Malta has limited influence on EU crypto policy
Malta is the smallest EU Member State, with a population of just over half a million. Malta’s six MEPs all come from the two biggest parties in the EP, with two MEPs sitting in the EPP and four MEPs sitting in the S&D group.
Demonstrating that size doesn’t always matter, Maltese MEP Roberta Metsola is the current President of the EP, a role she has held since January 2022 (she was first elected MEP 2013). The presidency is primarily a ceremonial/representational role, but it has several important functions. These include addressing the European Council prior to each of its meetings, and stating Parliament’s viewpoint on the subjects on the agenda in the framework of a debate with the Heads of State and Government.
From a crypto perspective, Malta has two representatives on the Economic and Monetary Affairs (ECON) committee – former Maltese Socialist prime minister Alfred Sant (full member) and EPP veteran David Casa (substitute). While Malta’s MEPs have not played a direct role in crypto-specific legislation, Sant is the more active ECON member, working on legislation as diverse as Capital Markets Union, Capital Requirements and COVID-19.
A quick look at the latest polls ahead of June’s European elections suggests that the EPP-affiliated Nationalist Party has narrowed the gap but remains second behind the Labour party, which leads 48% to 44%. This would suggest Malta is on track to gain an EPP MEP and lose an S&D one, suggesting little impact on its crypto policy.
Netherlands is notably active in crypto
A founding Member State, the Netherlands currently has 29 MEPs, increasing to 31 in June. Most are spread throughout the traditional center parties (six EPP, six S&D and seven MEPs from Renew).
When it comes to crypto policy, MEPs from the Netherlands have a strong presence relative to their numbers. There are six ECON members, several of whom have played leading roles in developing the EP’s crypto policy. Socialist Paul Tang has been a vocal and active MEP, notably on sustainability and taxation files (as chair of the sub-committee on tax matters). He was also co-rapporteur on the AML Directive, but is not standing for re-election.
Bas Eickhout is Green/EFA vice-chair of the Environment, Public Health and Food Safety (ENVI) committee, but also an active, full member of ECON. ECR MEP Michiel Hoogeveen is one of the vice-chairs of ECON and has played a prominent role in recent payments policy as rapporteur for the instant payments regulation (adopted February 2024) and shadow on the digital euro. His party, however, is struggling in the polls and so he is unlikely to secure re-election.
It looks likely that the make-up of Dutch MEPs will differ significantly from the outgoing EP. Despite challenges in forming a coalition after his domestic victory, controversial right-wing leader Geert Wilders’ PVV is leading the polls with 33% of intended votes. This is well ahead of its nearest rivals the Labour party and Green alliance on 16%. This would lead to a significant contingent of potential ID MEPs, perhaps in the region of 5-10 (there are currently no PVV MEPs).
Poland pursues payment services in digital assets space
Poland is the largest of the central and eastern Member States that joined the EU in the last big accession in the early 2000s. With a population of approximately 40m Poland has 52 MEPs, most of whom sit in the ECR group – 27 MEPs from the former ruling party PiS, and in the EPP group – 16 MEPs from the current ruling party Civic Platform.
There are six Polish MEPs on ECON, most notably S&D group vice-chair and former two-time Prime Minister, Marek Belka, Danuta Hübner (EPP), former European Commissioner and current chair of the EP delegation for relations with the United States, and another former commissioner, Janusz Lewandowski (EPP).
From a digital assets perspective, Belka has perhaps been most prominent among the Polish ECON MEPs, in his capacity as rapporteur on the Payment Services Regulation (ECON position adopted in February 2024, with plenary vote planned for the final April plenary session). Belka is also his group’s shadow on the revision of the accompanying payment services directive, as well as the recently adopted instant payments regulation.
Hübner has been equally active, but focussed mainly on capital markets issues, such as MiFID and EMIR.
In terms of the latest polls, Prime Minister (and former president of the European Council) Donald Tusk’s EPP-affiliated civic coalition currently has a slim lead (34%) over his arch-rival Jarosław Kaczynski’s ECR-affiliated PiS (31%), which could see the former increase its EP presence by a seat or two, at the expense of the latter.
