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   439

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.

Craig Wright to Claim to be Satoshi Again

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows
18 February 2019   46

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document he did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet. Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system. 
 

Craig Wright

"Satoshi"

Earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a mistake confirming that he was not Satoshi Nakamoto.