The European Commission had launched on February 1st launched the EU Blockchain Observatory and Forum with the manifested of providing visibility to this new technology. The Observatory is a European Parliament pilot project proposed by MEP von Weizsacker that will promote discussions and support initiatives aimed at facing the challenges that current business processes are facing, and enabling the creation of new businesses in this direction.
Fintech is retained to be “..a policy priority of the European Commission since it can and will play a major role in achieving the objectives related to the development of the single market, Banking Union, the Capital Markets Union and retail financial services.”
The Commission already constituted a Task Force on financial technology currently working on a FinTech Action Plan, which is going to be presented in the spring. Since entrepreneurs are already offering blockchain solutions to their customers, the EC has the duty to ensure that such businesses are able to develop concurrently across EU countries borders.
Furthermore, the Observatory will invest in training professional profiles to monitor and analyze trends and exploring blockchain potential, and engage with stakeholders and experts in the EU and worldwide.