A press release outlining the ideas, which the Commission now refers to as an “Action Plan,” saw high-level EU officials voice the need for an “enabling framework” for innovative technologies going forward.
Europe should become a global hub for FinTech, with EU businesses and investors being able to exploit most of the benefits of the single market in this rapidly evolving sector.
These are the opening words of the document just published by the European Commission: http://europa.eu/rapid/press-release_IP-18-1403_en.htm
These are the opening words of the document just published by the European Commission where today presented its FinTech plan:
The FinTech action plan:
The financial sector is the largest user of digital technologies and one of the main drivers in the digital transformation of the economy. Today's action plan includes 23 steps to enable the expansion of innovative business models, support for the adoption of new technologies, increase IT security and the integrity of the financial system, including:
The Commission will host an EU FinTech laboratory in which European and national authorities will engage with technology providers in a neutral and non-commercial space;
The Commission has already set up an EU Observatory and Blockchain forum. Later, in 2018, he will report on the challenges and opportunities of cryptographic assets and is working on a global strategy on distributed register technology and on the blockchain for all sectors of the economy. A distributed ledger is a shared information database on a network. The best-known type of distributed ledger is blockchain.
The Commission will consult on the best way to promote the digitization of information published by listed companies in Europe, including by using innovative technologies to interconnect national databases. This will allow investors much easier access to key information to inform their investment decisions.
The Commission will organize workshops to improve information sharing on information security;
The Commission will present a plan with best practices on regulatory sandboxes, based on the guidelines of the European Supervisory Authorities. A regulatory sandbox is a framework created by regulators that allows FinTech startups and other innovators to conduct live experiments in a controlled environment under the supervision of a regulator. Regulatory sandboxes are gaining popularity, especially in developed financial markets.
In paragraph 2.3 of the pdf of the following link: https://ec.europa.eu/info/sites/info/files/180308-action-plan-fintech_en.pdf
Contains the position of the European Commission on the subject FinTech and Blockchain:
"Blockchain and distributed ledger technologies will likely lead to a major breakthrough that will transform the way information or assets are exchanged, validated, shared and accessed through digital networks. They are likely to continue to develop in the coming years and become a key component of the digital economy and society."
And more:
"It is important to avoid the confusion between blockchain and crypto-asset technologies that only represent one type of blockchain application."
In my opinion the words spent on cryptoassets are also very nice and encouraging:
"Technological innovation has led to new types of financial assets such as crypto-assets. Such crypto-assets and the underlying blockchain technology hold promise for financial markets and infrastructures. Their use also presents risks, as has been witnessed by strong volatility of crypto-assets, fraud and operational weaknesses and vulnerabilities at crypto-asset exchanges.
At EU level, action has already been taken to address some specific risks. The threat and vulnerability of virtual currencies and money laundering and terrorist financing was assessed as significant to highly significant in the Commission’s Report on the assessment of the risks of money laundering and terrorist financing.11 In December 2017, European legislators agreed to extend the scope of the Anti-Money Laundering Directive12 to virtual currency exchanges and wallet providers. The European Supervisory Authorities (ESAs) issued warnings about the speculative market environment for virtual currencies and other risks associated with crypto-assets.13 All warnings point to the fact that crypto-asset investment is high risk and that investors may incur substantial losses due to their volatility but also due to the lack of market transparency and integrity and operational weaknesses as well as vulnerabilities in cryptoasset services and trading venues."
What do you think of these relationships? How is the EU moving in the FinTech & Blockchain field? Do you agree?
Topic: The EU launches its own FinTech and Blockchain framework (Read 90 times)
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