The European Commission, the executive body of the European Union, intends to develop uniform standards for companies working in the field of blockchain. This is reported by Reuters. It is expected that the Commission can announce its plans as early as this week.
According to the information, European legislators intend to develop uniform rules of crowdfinding for all EU countries, which will solve the problem of selective and heterogeneous regulation applied in some countries of the block.
An EU framework would offer a European passport, and, at the same time, ensure the proper management of platforms and the protection of fund providers. An EU-wide fintech market will not reach its full potential without the development of open standards that make interoperability possible, simplify the exchange of data between market players and facilitate competition.
Document, seen by Reuters
Among other things, the proposal envisages the introduction of licensing for crowdfunding platforms at the pan-European level.
The Commission also intends to conduct an analysis of the rules in force in the EU to determine whether any of them are suitable for the regulation of the Crypto-Currency and ICO. It is expected that various regulators and representatives of the industry will be involved in the process of forming a single regulatory framework.
Among other things, they will discuss the issue of the stability of fintech companies by hacker attacks, as well as analyze the costs and benefits of "testing cyberthreats" for leading players in the market that form the financial infrastructure of the EU.
Until the fourth quarter of this year, the Commission expects to submit a plan of regulatory "sandboxes", which will allow fintech companies to test their products on real customers. To date, these sites operate only in 13 of the 28 EU member states.