EU executive to propose raft of measures to boost fintech: document

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LONDON (Reuters) – The European Union’s executive will propose a draft law on crowdfunding and forge common blockchain technology standards to help a European financial technology sector grow, an EU document showed on Monday.

The bloc’s executive European Commission is due to publish its plans, perhaps as soon as this week, as it seeks to encourage a sector that promises future growth and jobs.

The departure of Britain, a major fintech hub, from the bloc next year, has put pressure on Brussels to step up efforts to encourage fintech firms to set up shop in the EU.

A draft document seen by Reuters says the EU plans include a proposal for a bloc-wide licensing system for crowdfunding platforms which allows investors to put sums of money into start ups.

“An EU framework would offer a European passport, and, at the same time, ensure the proper management of platforms and the protection of fund providers,” the draft document said.