The EU Revealed Its Plans for 2018 Regarding the Blockchain Technology

The European Union has recently begun to gain momentum in the development of new technologies, such as blockchain.

Yesterday, on the 8th of March, the EU fintech published an action plan for 2018, from which it follows that the European Commission is going to form a new fintech laboratory by the second quarter of this year.

The national authorities, EU-level participants, as well as technological innovators in Europe, who will seek to increase the “regulatory and supervisory capacity and knowledge” regarding new technologies, including blockchain, will take part in the new organization.

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

The report contains information that the European Union has revised its directive on the provision of payment services, which required regional banks to launch their own APIs, for example, to integrate payment accounts with applications that require it.

Also, the report provides options for possible development, such as the identification of legal issues around smart contracts, initial coin offerings and other issues related to jurisdiction regarding new technologies.

The new plan of the European Union is the last step towards the promotion of the blockchain technology within the regulated environment.

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