This Monday, the European Commission has released a document stating that EU plans crowdfunding platforms licensing system and EU-wide Blockchain standards. When will we see the new framework in effect?
6 March, AtoZForex – The EU Commission is reportedly soon to create common standards for the Blockchain technology. According to the official document from the European Commission, the agency is also looking into proposing an EU-wide licensing system for the crowdfunding platforms.
EU Plans Crowdfunding Platforms Licensing System
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. The official document reads:
“An EU framework would offer a European passport, and, at the same time, ensure the proper management of platforms and the protection of fund providers.”
Instead of obtaining the authorization from each of the countries, crowdfunding platforms would receive an EU-wide approval. This would most likely reduce the costs of compliance and save time. The document also explained the EU position in regards to the Blockchain:
“An EU-wide fintech market will not reach its full potential without the development of open standards that make interoperability possible, simplify the exchange of data between market players, and facilitate competition.”
Earlier last week, we have reported that European Commission considers cryptocurrency regulations. During the roundtable talks, the European Commission Vice President Valdis Dombrovskis has stated that the development of the rules for cryptocurrency market might commence in the upcoming months. He has also suggested that the EU leaders might seek additional monitoring.
However, he has stated that such a result “depends very much on the facts and circumstance around specific crypto-tokens.” Moreover, the Commission might need to do more work in regards to this matter. Mr. Dombrovskis has been quoted as saying:
“We need to assess further under what circumstances cryptocurrencies and related services are covered by existing regulation. This depends very much on the facts and circumstances around specific crypto-tokens.”
It is also known that by the Q4 of 2018 the European Commission is apparently planning to present a “blueprint” for the regulatory sandboxes.
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