What does the EU “FinTech Action

June 18, 2018 ECONOMY The European Union has designe a plan to measure and regulate the actions of this sector in growing transformation. This strategy is specifie in the “FinTech Action Plan” – March 2018 -, whose main objective is to achieve a more competitive and innovative financial market in the EU. Main pillars Due to the technological innovations develope in financial services, a plan has been develope base on the following pillars: 1.- “Technological neutrality”: innovative and digital business models will apply the same rules as traditionally distribute products and services.

Markets Union (CMU)

Proportionality”: the rules for applying this technological innovation – in the financial sector – will adapt to the different business models, and may be flexible depending on the size of the companies and the scope of the activities. 3.- “Security” : thanks to this criterion, the financial sector will guarantee transparency, privacy and consumer security . This EU action Lebanon Number Data plan aims to develop a set of rules for new alternative sources of financing, such as crowdfunding or peer-to-peer lending. The European Securities and Markets Authority (ESMA) will be the regulatory body of community regulation and in charge of authorizing and supervising.


Digital Single Market

Crowdfunding service providers. Furthermore, this Action Plan is part of the European Commission’s efforts to build a Capital Markets Union (CMU) and a Digital Single Market (DSM). The best demonstration of a true commitment on the part of the European Commission has been the creation of two institutions: (i) one, a “FinTech research place” (EU FinTech Lab); (ii) another, the EU Blockchain Observatory and ets and decentralize ledger technology offer to all sectors of the economy. Likewise, the Commission aims to digitize the information Malaysia Phone Number List publishe by liste European companies and that, through the use of innovative technologies, national databases can be interconnecte, so that investors can make decisions in a broader geographical framework.

 

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