EU to Develop Fintech Measures Draft Law

The EU's executive will propose a draft law on crowdfunding and common blockchain technology standards to help a European financial technology sector flourish
06 March 2018   111

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.

Qvolta is launching its platform

Qvolta announced its platform release date of April 2 that will feature a full-fledged version of a web platform
24 March 2018   40

Qvolta platform has set its release date to April 2. The release is in accordance with the roadmap of the platform and will include a fully functional version of the web platform. The developers team is currently performing various tests and making final amendments to ensure the proper functionality. This desktop client is in alpha stage. A mobile app for secure authorizations is out and it is the native solution for security without intermediaries.

Qvolta is a P2P exchange platform solution that focuses on the capability of trading Bitcoin and Ethereum for fiat currencies and vice versa. And such functionality is provided through local payment methods. Since centralized exchanges become the target of serious scrutiny of regulators, cryptocurrency platforms that allow trading P2P or in fully decentralized fashion are getting more necessary.

As of the moment of the publication, the market parameters of Qvolta are as follows:

Average price: $0.390836

Market cap: $2,712,466

Volume (24h): $6,171