The European Commission is convinced that Europe’s financial markets will be more integrated, safer and easier to access thanks to steps mapped out by the Commission in its FinTech action plan. According to the Commission the plan shall help the financial industry to make use of the rapid advances in technology such as blockchain and other IT applications and strengthen cyber resilience. Consumers, investors, banks and new market players shall benefit.
Based on specific guidelines of the European Financial Market Authorities the European Commission will provide a plan for Fintechs with regulatory sandboxes.
A regulatory sandbox is a regulatory framework that enables FinTech start-ups and other innovators to conduct live experiments in a controlled environment under the supervision of a regulator. Regulatory sandboxes are gaining popularity, especially in the developed financial markets.
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