Communication on a Digital Finance Strategy for the EU

Summary:

Communication published by the European Commission on 24 September 2020, setting out a strategic objective for digital finance in the European Union (EU).

Further information:

The aim of this strategy is to make Europe's financial services more digital-friendly and to stimulate responsible innovation and competition among financial service providers in the European Union. It aims to reduce fragmentation in the Digital Single Market (DSM), so that consumers can have access to financial products across borders and that FinTech start-ups scale up and grow. It aims to ensure that EU financial services rules are fit for the digital age, for applications such as artificial intelligence and blockchain. Data management is also at the heart of this strategy.

This Communication was published as part of a so-called Digital Finance package, which also includes the following legislative proposals:

• Proposal for a Regulation on Markets in Crypto-assets
• Proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology

[under development]

The package builds on work already carried out in the framework of the 2018 FinTech Action Plan.

• Primary Source

Official

European Commission: Publications: Digital Finance Package https://ec.europa.eu/info/publications/200924-digital-finance-proposals_en

European Commission: Press Release, 24/09/2020: Digital Finance Package: Commission sets out new, ambitious approach to encourage responsible innovation to benefit consumers and businesses https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1684

European Commission: Q&A, 24/09/2020: Questions and Answers: Digital Finance Strategy, legislative proposals on crypto-assets and digital operational resilience, Retail Payments Strategy https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_1685

European Commission: Press remarks by Executive Vice-President Valdis Dombrovskis on the Capital Markets Union and Digital Finance (24 September 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_1739

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