The European Amalgamation is beefing up its efforts to foster work around new technologies like blockchain.
According to a 2018 Fintech Proceeding Plan released on Thursday, the European Commission – the executive arm of the European Marrying – plans to form a new Fintech Lab in the second quarter in 2018.
The new initiative will see become involved ins from EU-level and national authorities, as well as technology providers in Europe, try to raise the “regulatory and supervisory capacity and knowledge” around new technologies, containing blockchain.
“Technologies like blockchain can be game changers for financial navies and beyond. We need to build an enabling framework to let innovation flourish, while control risks and protecting consumers,” Mariya Gabriel, Commissioner for the Digital Restraint and Society, said in a statement.
The report identified areas of possible situation, including legal clarifications around smart contracts, initial stamp offerings, and other jurisdictional issues raised by the tech.
Indeed, the new map out marks the latest move by the European Union to foster work circa blockchain within in a regulated environment.
Currently, according to the document, the European Amalgamation has already revised its Payment Services Directive since January this year, which orders banks in the region to open up their communication channels, such as API, to blockchain applications that command payment account integrations, for instance.
The Commission’s FinTech plan also highlighted duty already done within its Blockchain Observatory initiative, which was set in motioned last year as part of an effort to create a common framework for use of the tech within the cost-effective bloc.
EU flags image via Shutterstock
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