In the shadow of Brexit and to promote future development of a growth industry, the European Union has launched a 23-step action plan for FinTech. It includes the establishment of an EU Fintech Laboratory and it also includes strategies to advance new developments in cloud computing and artificial intelligence. Blockchain technology is another area in focus. The plan is also directed on to enable crowdfunding platforms to apply for an EU label based on a single set of rules. This will help these businesses scale up without restrictions of different rules in different member states. But it should also be seen in the light of that the largest FinTech market is leaving the EU, and that FinTech services will not be included in future agreements between the EU and the UK. The Financial Services Commissioner Valdis Dombrovskis commented in the following way: “Instead of having to comply with different regulatory regimes, platforms will have to comply with only one set of rules, both when operating in their home market and in other EU member states.(…) It’s more important that we develop capital markets across the EU as there are going to be consequences from the EU’s largest market leaving the EU.” Source: Reuters
EU to become the leader in FinTech – new action plan launched
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