EU to Open Blockchain Lab

March 10, 2018

The European Union plans opening its own fintech lab to explore feasibilities of using blockchain technology in various scopes of life. The launch is due on the second quarter of the year, as reports the document with future plans on development of fintech industry, published by the European Commission this Thursday.

“Technologies like blockchain can be game changers for financial services and beyond. We need to build an enabling framework to let innovation flourish, while managing risks and protecting consumers”, as the Commissioner for the Digital Economy and Society Mariya Gabriel noted.

The document describes the prospects of further possibilities of blockchain use in various branches as well as a number of clarifications on some legal issues about smart-contracts and ICO.

Remember, earlier the EU’s main regulatory body European Securities and Markets Authority (ESMA) called cryptocurrencies one of the top priorities of 2018. In addition, together with the European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA) have released joint claim recently having thus expressed their concern over growing number of citizens acquiring cryptocurrency yet unaware of all possible risks involved.

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