The European Commission (EC) is planning to address the fragmented fintech licensing procedures in the European Union. Two weeks ago, EC Executive Vice-President of Economy, Valdis Dombrovskis outlined plans for a digital finance strategy as well as legislation for blockchain and crypto asset projects, both of which are planned for this year.
“Today, they (fintechs) face many barriers that prevent them from exploring the full potential of the single market – for example, different licensing procedures,” said Dombrovskis in a speech. “This leads to fragmentation of their activities country by country, making it harder for them to grow and scale up across borders.”
The strategy and legislation follow an extensive consultation process which is now closed.
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