The European Commission has taken a positive stance with regards to Blockchain and FinTech technologies. It was only last February, since the EU Commission launched the EU Blockchain Observatory and Forum, helping European actors to engage in Blockchain. Moreover, the Commission is structuring European crowdfunding for businesses through FinTech (Financial Technology). Europe’s vision is to provide a single market through a blockchain platform among European nations. Earlier this week, 22 European countries, including Malta, signed The European Blockchain Partnership in the hope to cooperate through a developed blockchain system.
In a press release, the Commission stated that through this Partnership it would generate more cooperation among EU states. Also, Blockchain and distributed ledger technology will provide an “exchange and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market.”
Where is the EU heading?
In recent months, the European Commission released its vision in blockchain technology. The member states will be helping the Commission to remain in the forefront in blockchain development.
They continued by stating that:
“Europe is well placed to take a global leadership position in the development and application of blockchain and distributed ledger technologies.”
Moreover a “better control of data by citizens and organisations interacting with public administrations, reducing fraud, improving recordkeeping, access, transparency and auditability, within and across borders,” signatories continued explaining.
The European Commission declared that it wishes “to launch the first cross-border actions by the end of 2019.”
What will Malta benefit from this Partnership?
As mentioned above, Malta signed the European Blockchain Partnership. In this agreement, Malta will obtain better blockchain connections with other EU states. Malta is positioning itself attracting established blockchain crypto exchange companies to open up their offices on the island. The Maltese government wants the island to become a leader jurisdiction in blockchain technology.
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