The European Commission has published an action plan aimed at making Europe a global hub for Fintech. The plan is to make markets safer and easier for new players to access while enabling the financial sector to make use of new technologies. It wants to encourage a cross-border infrastructure for blockchain but using pilot projects. The Commission wants to set up an EU Fintech laboratory to help discussion and innovation and run workshops to improve information sharing on cybersecurity. It plans also a report later this year on the challenges and opportunities of cryptocurrencies.
Separately, the Commission has published new rules to help crowdfunding platforms to grow across the single market. The Commission is proposing an optional EU regime that:
- would allow crowdfunding platforms to passport their services throughout the single market
- sets out tailored rules for those that provide both investment- and loan-based platforms
- gives greater opportunities to investors whilst ensuring investor protection and
- sets authorisation requirements for crowdfunding service providers and sets the framework for them to be authorised and supervised by ESMA.