European Commission To Release Bloc-Wide Blockchain Framework, Says Draft Document

The European Commission, the EU’s executive arm, is set to reveal plans for a joint regulatory effort on fintech, including Blockchain, Reuters reported Monday, March 5.

A copy of a draft document seen by the publication, due for release “as soon as this week,” suggests a desire for EU regulators to adopt blanket rules governing issues such as crowdfunding and “[b]lockchain technology standards.”

This, Reuters suggests, forms part of a move to end the “patchwork” system of regulations currently in force across member states of the bloc.

“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,” the draft reportedly states.

Unlike cryptocurrency, Blockchain treatment has become a central focus for the European Commission, which early last month unveiled its dedicated EU Blockchain Observatory and Forum.

Billed as “one of the world's most comprehensive repositories of blockchain experience and expertise,” the entity should function as a melting pot for various bodies to “discuss and develop new ideas and directions” involving Blockchain technology.

Meanwhile on the topic of cryptocurrency, the EU’s financial services chief Valdis Dombrovskis said during a Commission speech Feb. 26 that lawmakers “stand ready” to introduce regulation if necessary.

At the same time, the EU “must embrace the innovation” of Blockchain, he concluded.