Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Posts Tagged ‘fintech sector’

Plenary approved call to boost EU FinTech sector

Posted by fidest press agency su lunedì, 12 ottobre 2020

The Plenary welcomed the Commission’s commitment to finalising an Action Plan on FinTech by the third quarter of 2020. They stress that any measures taken at EU level should leave space for all market participants to innovate, be proportional and technologically neutral, and risk-based, whilst properly protecting consumers and investors. They call for a single European supervisor working closely with the European Supervisory Authorities (ESAs) and national competent authorities (NCAs). In their recommendation, MEPs focused on crypto-assets, calling for a comprehensive pan-European open-ended taxonomy for new products, as well as for a common monitoring and supervision framework, including a single European supervisor. They stressed that stablecoins represent a unique category of crypto-asset, being both an opportunity and a threat, and expect a legislative framework to be developed which, among other functions, will facilitate a stable conversion rate between stablecoins and fiat currencies.In relation to crypto-assets, MEPs also pointed to regulatory gaps in EU legislation to prevent money laundering and advised that targeted changes should be made to the existing provisions.MEPs highlight that a common approach to the financial sector’s cyber resilience is needed. They call for legislative changes to be made in the area of ICT and to cyber security requirements for the EU financial sector with a focus on modernisation, compliance with international standards, and operational resilience testing.The free flow of data within the EU is necessary to scale up innovative finance but cross-border data flows, including to and from third countries, must be monitored and governed through EU legislation on privacy and data protection.Finally, MEPs stressed that digital finance plays a key role in developing financial markets and will contribute to the CMU’s success. It will increase financing and investment opportunities for companies and citizens and has the potential to help close the SME financing gap.

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