A pilot project for distributed database technology
Translated from Swedish by AI; the translation may contain errors. The Swedish text is the original.
Summary AI, written in advance
The debate concerns a proposal for a pilot scheme for distributed database technology based on an EU regulation 1. SD is positive towards the committee's proposal that the legislation should cover trading with cryptocurrencies classified as financial instruments 1. SD considers that the technology can ensure a high level of investor protection, market integrity, financial stability, and transparency 1. SD hopes that the proposal creates better conditions for trading with cryptocurrencies, makes it safer for individuals, and creates better economic control since the value of cryptocurrencies can change rapidly 1. SD moves for approval of the finance committee's proposal 1.
Written by AI in advance and may contain errors. The numbers lead to the speech a statement builds on; check against the text below.
Mattias Eriksson Falk (SD)
Madam Speaker! Today we are debating the Committee on Finance's report 36 A pilot scheme for distributed database technology. The Government's proposal originates fundamentally from the EU regulation of the same name, which is to begin being applied on 23 March 2023. Accordingly, the Committee's proposal is that the Riksdag adopts the proposal so that the legislative amendments can enter into force on this date.
The Sweden Democrats, during the previous mandate period for the then-government, have pointed out the function of cryptocurrencies on the Swedish market and the risks that exist with the trading of these in terms of rapid changes in the form of large value increases but also value decreases and thus a large economic risk for those who have invested in them.
Therefore, the Sweden Democrats now take a positive stance towards the committee's proposal that the legislation shall also cover trading with cryptocurrencies classified as financial instruments and that the technology exists to, just as the committee writes in its report, ensure a high level of investor protection, market integrity, financial stability, and that transparency is maintained and loopholes in the regulatory framework are avoided. Therefore, according to the regulation, it is appropriate to establish a pilot scheme for market infrastructures based on distributed ledger technology to test such DLT market infrastructures.
Madam Speaker! Special requirements will be imposed on trading in crypto-assets classified as financial instruments. Applications for authorization may be submitted by those authorized as securities firms, and the Finansinspektionen will have the opportunity to charge fees for this assessment during its review.
The hope from the Sverigedemokraterna's side with the proposal is that it will create better conditions for trade with cryptocurrencies, which makes it safer for individuals and creates better economic control given that the value of cryptocurrencies can quickly increase or decrease in value and that such situations where individuals risk their economic stability can also be reduced.
With this, I move for approval of the Committee on Finance's proposal.
The deliberation was hereby concluded.
Source: The Swedish Parliament. The speeches come from the open data of the Riksdag, translated into English by AI, which may contain errors.