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EU Commission: Europe to become Global FinTech Center

Saturday, March 10th, 2018 | bitcoin updates

    (Picture: dpa, Jens Kalaene)
             With an action plan, the EU Commission wants to boost the use of new technologies such as blockchain, artificial intelligence and cloud services in the financial sector and establish uniform rules for crowdfunding.


        Technological financial innovations (FinTech) and their providers, the European Commission promises a golden future. At the end of the week, the Brussels government agency announced an action plan designed to make Europe the "global fintech center".
Above all, the initiative aims to enable the financial sector to make effective use of the rapid advances in new technologies such as the decentralized database Blockchain, Artificial Intelligence (AI) and cloud computing. An EU FinTech laboratory will be set up, bringing together European and national authorities "in a neutral, nonprofit framework" with technology solution providers.

Financial market playgrounds for foundersFurthermore, the Commission intends to recommend practices for "regulatory sandboxes" in cooperation with financial market regulators. By this she understands a framework under which fintech startups and other innovators can perform "life-like experiments under controlled conditions".
In addition to such playgrounds for founders, the governing body urges to increase the exchange of information on cybersecurity in the financial sector and to accelerate the digitization of established, already listed companies in this area. The financial industry generally sees them as "the biggest users of digital technologies and a major driver of digital change".
Easier crowdfunding for greater competitiveness Part of the project is also to improve funding opportunities for startups in general. To this end, the Commission is proposing a draft European regulation for crowdfunding platforms. This should be sufficient for a country's license to operate such a portal for collecting collective funds throughout the EU.
At the same time, the initiative also better protects investors on crowdfunding platforms. It provides for clearer and more coherent rules on how and what information needs to be published in advance, as well as for control and risk management. The EU-wide crowdfunding license, according to EU Commissioner for Financial Services, Valdis Dombrovskis, will help relevant platforms "expand throughout Europe".
 (Stefan Krempl) /




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