Member States’ ambassadors to the European Union (Coreper) will be invited, on Wednesday 27 May, to approve a political agreement in principle (‘general approach’) on the proposed regulation establishing a European Business Wallet.
Aimed at reducing administrative burden, the legislative proposal will make it possible to create a single digital tool enabling European businesses and public-sector bodies - excluding the defence sector - to digitalise data and transactions securely and then exchange them with other economic operators in the Union.
Since the proposal was presented, in late 2025 (see EUROPE 13755/6), the Cyprus Presidency of the EU Council has developed up four compromise proposals.
The changes include responsibility for supervising digital wallet providers, with Member States retaining the option of establishing specific authorities. At EU level, the European Commission will be responsible for supervising European entities (‘Union entities’), other than EU institutions, that provide this service.
Entities wishing to be authorised to manage a digital wallet will have to provide the supervisory body with data (identity, internal organisation, technical specifications). They will have to carry out a risk assessment related to the provision of their service in terms of design, maintenance, interoperability and termination.
No later than one year after the regulation enters into force, the Commission will present guidance on risk assessment procedures. It will do likewise regarding the development of tools and indicators that will make it possible to determine whether a service provider presents a risk to EU security.
See Cyprus’ compromise proposal: https://aeur.eu/f/m1u (Original version in French by Mathieu Bion)