EU upping blockchain efforts with new action plan

The European Commission has unveiled a new action plan aiming to take advantage of new innovations in the FinTech world.

The action plan includes blockchain, and will see EU and national authorities work with financial technologies alongside firms across the European Union. A “comprehensive strategy on distributed ledger technology and blockchain” is being worked on as part of the venture.

Mariya Gabriel, commissioner for the Digital Economy and Society, said in a statement: “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.”

“To compete globally, Europe’s innovative companies need access to capital, space to experiment and scale to grow,” added Valdis Dombrovskis, VP for Financial Stability, Financial Services and Capital Markets Union.

“This is the premise for our FinTech Action Plan. An EU crowdfunding licence would help crowdfunding platforms scale up in Europe. It will help them match investors and companies from all over the EU, giving more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of funders.”

The plans is for the FinTech Lab to launch in Q2 2018.