EU 2018 FinTech action plan will encourage all the EU nations and the technology providers in Europe to increase the “regulatory and supervisory capacity and knowledge” around new technologies.
9 March, AtoZForex – The European Union is planning to escalate its efforts to intensify the work on the new technologies, such as Blockchain. As per the newly released EU 2018 Fintech Action Plan, the European Commission is planning to create a new FinTech Lab in the second quarter of 2018.
EU 2018 FinTech Action Plan to Encourage Blockchain Use
The fresh idea will encourage all the EU nations and the technology providers in Europe to increase the “regulatory and supervisory capacity and knowledge” around new technologies. This initiative also looks into exploring such technologies, as Blockchain. The European Commissioner for the Digital Economy and Society, Maryia Gabriel, has stated:
“Technologies like blockchain can be game changers for financial services and beyond. We need to build an enabling framework to let innovation flourish, while managing risks and protecting consumers.”
The report has identified some sectors of potential improvement. These include the legal clarifications in regards to the smart contracts and initial coin offerings. In addition, the authorities plan to study some other jurisdictional matters in the tech industry.
EU Blockchain Standards
In fact, the new EU FinTech Action Plan comes as the latest move by the European Union in order to solidify the work process around Blockchain within the bloc. Presently, according to the official document, the European Union has already reviewed its Payment Services Directive since January 2018.
The directive requires banks in the region to open up their communication channels to Blockchain applications that need payment account integrations.
The European Commission’s FinTech plan has also pointed out the work already done within its Blockchain Observatory initiative. The project has been launched last year in a bid to create a common framework for use of the tech within the EU alliance.
Following on this, this Monday, the European Commission has informed the public it plans to create common standards for Blockchain technology across the union. As it is outlined in the EU document, the agency will also issue a draft proposal for a licensing system. The system will be used for across the EU bloc in regards to the crowdfunding platforms.
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