Mariya Gabriel, commissioner for the digital economy and society

A recently released 2018 Fintech Action Plan by the European Commission states that the regulatory body plans to form a new Fintech Lab in the second quarter of this year, and it will be looking at blockchain as one of its core activities.

The team will see participants from EU-level and national authorities, as well as technology providers in Europe, seek to raise the “regulatory and supervisory capacity and knowledge” around new technologies.

“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,” commented Mariya Gabriel, commissioner for the digital economy and society.

Read more: European watchdog establishes a roadmap to patch up regulatory gaps

The report states that it will be looking at areas such as legal clarifications around smart contracts, initial coin offerings, and other jurisdictional issues surrounding new technologies.

The document also says that the European Union has already revised its Payment Services Directive this year. The Commission’s fintech plan also highlighted work already done within its Blockchain Observatory initiative, launched last year to create a common framework for use of the across the region.

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com
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