The European Commission released its anticipated official angle on regulating fintech, including Blockchain technology, across EU member states on Thursday, March 8.
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.
Cointelegraph previously reported on the forthcoming documentation, which comes following the establishment of a dedicated EU Blockchain organ, the EU Blockchain Observatory and Forum, at the start of February.
“Technologies like blockchain can be game changers for financial services and beyond,” Commissioner for the Digital Economy and Society Mariya Gabriel, who also opened the Observatory, commented in the release, continuing:
“We need to build an enabling framework to let innovation flourish, while managing risks and protecting consumers.”
The Action Plan focuses on five main areas: creation of an EU FinTech Laboratory, the Blockchain Observatory, promoting the digitization of information from registered companies, cybersecurity efforts and “best practices on regulatory sandboxes,” which the Commission says will be “based on guidance from European Supervisory Authorities.”
Licensing schemes for crowdfunding are also under discussion, with proponent Commissioner Valdis Dombrovskis claiming these will “help crowdfunding platforms scale up in Europe.”