EU Unveils ‘Enabling Framework’ For Blockchain And Fin… | News

The European Commission unveiled its expected official angle on regulating fintech, like Blockchain technology, throughout EU member states on Thursday, March 8.

A push launch outlining the strategies, which the Commission now refers to as an “Motion System,” saw superior-degree EU officials voice the have to have for an “enabling framework” for revolutionary technologies heading forward.

Cointelegraph beforehand described on the forthcoming documentation, which comes next the establishment of a dedicated EU Blockchain organ, the EU Blockchain Observatory and Forum, at the commence of February.

Systems like blockchain can be video game changers for economic companies and over and above,” Commissioner for the Digital Financial state and Modern society Mariya Gabriel, who also opened the Observatory, commented in the launch, continuing:

“We have to have to build an enabling framework to allow innovation flourish, although taking care of pitfalls and protecting people.”

The Motion System focuses on 5 principal places: creation of an EU FinTech Laboratory, the Blockchain Observatory, endorsing the digitization of data from registered firms, cybersecurity efforts and “very best practices on regulatory sandboxes,” which the Commission claims will be “primarily based on steering from European Supervisory Authorities.”

Licensing strategies for crowdfunding are also under discussion, with proponent Commissioner Valdis Dombrovskis claiming these will “assistance crowdfunding platforms scale up in Europe.”