The European Commission has stated its ambition for Europe to become a global hub for FinTech, with EU businesses and investors able to make the most of the advantages offered by the Single Market in this fast-moving sector.
To help achieve this aim the Commission has unveiled an Action Plan on how to harness the opportunities presented by technology-enabled innovation in financial services (FinTech).
The Plan aims to enable the financial sector to make use of the rapid advances in new technologies, such as blockchain, artificial intelligence and cloud services, while making markets safer and easier to access for new players. The Commission is also proposing a pan-European label for platforms, so that a platform licensed in one country can operate across the EU.
The Action Plan is part of the Commission's efforts to build a Capital Markets Union and a true single market for consumer financial services. It is also part of its drive to create a Digital Single Market. The Commission aims to make EU rules more future-oriented and aligned with the rapid advance of technological development.
"Digital technologies have an impact on our whole economy – citizens and businesses alike,” explained Mariya Gabriel, Commissioner for the Digital Economy and Society. “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."
Contact Selachii - FinTech Lawyers, London
At Selachii, we understand that while it is fundamentally important for existing FinTech businesses and customers of those businesses to be aware of the regulations that affect them, it is especially important that new FinTech companies are aware of which regulations apply so they can remain compliant. Contact us today to find out how we can help you.
