The blockchain and cryptocurrency industry may receive a huge boost once the European Union completes plans on the proposed Fintech Lab.
The EU, through its executive arm, the European Commission aims to raise the level of supervision and regulation, as well as knowledge of the cryptocurrency industry, both at the individual level of European nations and across borders.
EU Commissioner for Digital Economy Maria Gabriel acknowledged the potential of blockchain technologies , terming them “game changers for financial services and beyond.” Gabriel underlined the commitment of the EU to building a conducive environment for blockchain technology.
Among the plans stipulated earlier in March 2018, the EU aims to enhance the legal framework, smart contracts, ICOs and the fostering of working relationships across jurisdictions.
In 2016, the EU opened a Blockchain Observatory initiative as a platform for discussion on blockchain developments.
The backing of the EU is a positive development and a major stride in the development of cryptocurrencies that offers an opportunity for governments and other stakeholders to foster collaboration in supporting the growth of the industry.
As Saifu makes its move to become the preferred trading platform for both fiat and cryptocurrencies, the move by the EU is both a welcome note and confirmation that we are on the right path.
While developing our product, Saifu first ensured that the platform is in tandem with national and international laws. We are also constantly on the lookout to see what different nations and developers are doing in the field of regulation.