European Commission Proposes Blockchain Pilot to Examine Regulatory Issues

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According to a draft communication from the European Commission addressed to parties including the European Parliament and the European Central Bank, the executive branch of the European Union wants to create a Blockchain proof-of-concept focused on regulation.

The pilot would center on improving knowledge and awareness of the technology among the EU’s regulatory community.

The Commission said it is launching a public consultation effort on financial technology more broadly, one that is seeking input on how it can improve market efficiency and accessibility.

From the report.

The Commission has launched an internal FinTech Task Force which involves all relevant services working on financial regulation, technology, data and competition to ensure that our assessment reflects the multi-disciplinary approach that Fintech developments ask for. This work will also benefit from specific funding from the European Parliament for a pilot project aimed at reinforcing the capacity and technical expertise of national regulators with regard to distributed ledger technology.

Alongside this Action Plan, the Commission is launching a public consultation to receive input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. The consultation is structured along four broad policy objectives that reflect the main opportunities and challenges related to Fintech:

(1) Fostering access to financial services for consumers and businesses;
(2) Bringing down operational costs and increasing efficiency for the industry;
(3) Making the single market more competitive by lowering barriers to entry; and
(4) Balancing greater data sharing and transparency with privacy needs.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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