The European Commission has shown support for FinTech and Blockchain technology in a press release unveiled on Thursday. The title of the release is: “FinTech: Commission takes action for a more competitive and innovative financial market,” and exposes an action plan for technology developments to move forward.
European Union Blockchain Framework
Different European Union leaders and officials have been giving their opinions and support to the new disruptive technologies. Among the individuals taking part on it we find Valdis Dombrovskis, Vice-President responsible for Financial Stability, Jyrki Katainen, Vice-President for Jobs, Growth, Investment and Competitiveness and Mariya Gabriel, Commissioner for the Digital Economy and Society.
The FinTech Action Plan sets out 23 steps that will enable business models to scale up and take advantage of new technologies. Among these steps we find the already created EU Blockchain Observatory and Forum that report the challenges and opportunities for crypto assets. Furthermore, this observatory and forum is working on a comprehensive strategy on distributed ledger technology and blockchain.
Mariya Gabriel said:
“Digital technologies have an impact on our whole economy – citizens and businesses alike. 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 FinTech Action plan has also carried out a public consultation. According to the respondents, technological innovation is a driver of financial sector development. Besides that, it would bring huge opportunities in terms of access to finance, operational efficiency and competition.
European Union a Regulated Hub for Blockchain and Cryptocurrencies
The European Union wants to become an important hub all over the world for Blockchain technology. The intention to create this framework is to set clear rules to investors, protect them and allow them to safely invest.
At the same time, cryptocurrency regulations are also flourishing in Europe. France and Germany have been asking for regional regulations over cryptocurrencies, a topic that will be discussed at the G-20 Financial Summit in the next weeks.
Countries like Croatia or Slovenia are also trying to generate a good environment for crypto and blockchain related investments to spread. For example, Croatia has a self-regulatory body. At the same time, its neighbour Slovenia, has impulse blockchain projects. The government is talking with local businesses and start-ups in order to potentiate their strategies and generate better public policies.
With this Action Plan, blockchain will help different countries to keep evolving adopting new technologies. These places with hard regulations, that do not see the benefits of Blockchain will be left behind.
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