EU now has an Action Plan for FinTech companies
On 8 March 2018 the European Commission unveiled its Fintech Action Plan for a more competitive and innovative European financial sector. One of the aims is to establish a unified regulatory framework for crowdfunding platforms that want to operate cross-border within the EU. The Commission will also cooperate with the European supervisory authorities to monitor the authorising and licensing approaches for innovative FinTech business models and where appropriate, issue guidelines. Within this cooperation, the crypto-assets and initial coin offerings (ICOs) will be reviewed in order to assess whether EU level regulation is required. The Commission will also help to develop interoperability for FinTech companies by working with EU standard-setting organisations.
The Commission will promote the establishment of innovation hubs and regulatory sandboxes so that the competent European authorities will have relevant knowledge on the new innovative technologies and market development. The Commission will also set up an expert group to assess whether there are unjustified regulatory obstacles to financial innovation and to continue working a comprehensive strategy on blockchain and distributed ledger technology. Finally, the Commission will evaluate the possible related cyber threats and the existing practices on ICT security and governance requirements in order to assess whether legislative improvements are necessary.