EU Wants To Regulate FinTech Including BlockChain
The EU unveiled its action plan on how it sees FinTech opportunities can be harnessed.
The report sets out 23 steps which they believe will make Europe the world wide centre of FinTech.
Key action points of the plan include :
The Commission will host an EU FinTech Laboratory where European and national authorities will engage with tech providers in a neutral, non-commercial space;
Regulation of ‘Crowdfunding’. This seems key to the new legislation and it is not sure at the moment if crowdfunding would also include ICOs, Coin Sales and Exchanges.
The key points to this are these sentences “One of the biggest hurdles is the lack of common rules across the EU. This considerably raises compliance and operational costs and prevents crowdfunding platforms from expanding across borders.” This is stating that there are no common rules across the EU. It is then followed up with “Today’s proposal will make it easier for these platforms to offer their services EU-wide and improve access to this innovative form of finance for businesses in need of funding. Once adopted by the European Parliament and the Council, the proposed Regulation will allow platforms to apply for an EU label based on a single set of rules.”
If this does included ICO, Coin Sales and Exchanges it means the EU has plans to regulate the whole system which would greatly change the face of Crypto Currency.