On Monday 3 October, the European Parliament adopted a non-legislative Resolution on distributed ledger technologies (DLT) / blockchain. In the Resolution, the Parliament makes clear that it is keen to make Europe a leading player in the blockchain field. It discusses a range of blockchain use cases including: improving data efficiency and the reporting of clinical trials in the health sector; improving supply chain processes, such as facilitating the forwarding and monitoring of origin of…
In March 2018 the European Commission issued a proposal for a regulation on crowdfunding service providers (“CSPs”) (the “Proposal”) as part of its broader FinTech action plan. CSPs operate online platforms which facilitate investments in innovative companies, start-ups and other unlisted firms companies by private investors. The Proposal plans to enable CSPs to offer their services across Europe more easily and also to improve access to CSP services across the EU. On 10th August 2018,…
The EU Blockchain Observatory & Forum (EBOF) launched in February 2018 has published its first thematic report outlining the current state of blockchain in Europe. It’s a pretty broad report, but does provide a helpful overview of progress to date and give some useful insight into the EU’s priorities. Europe: fertile ground for blockchain growth and innovation? EBOF views Europe as being in a prime position for blockchain technologies. The report outlines recent and ongoing…
On 18 July 2018 the European Parliament Committee on Internal Trade (“CIT”) published a draft report setting out a motion for a European Parliament Resolution regarding how blockchain could be harnessed to enhance international trade and supply chain management. The report focuses on the use of permissioned (private) blockchain solutions. Blockchain Benefits The CIT believes that blockchain provides enormous opportunities for reducing barriers within global trade. In particular, the potential benefits of permissioned blockchain…
On 3 July 2018, the European Banking Authority (EBA) published a report outlining the prudential risks and opportunities arising from FinTech as part of its 2018 FinTech Roadmap. The report includes useful guidance on the use of distributed ledger technology (DLT) for trade finance and CDD (although the EBA is keen to note that the report should not be considered to provide an exhaustive list of possible prudential risks and opportunities that may arise.) Trade…
23 European countries have signed a Declaration on the establishment of a European Blockchain Partnership. The Partnership is intended to be a vehicle for cooperation amongst EU Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of both the public and private sectors. The EU partners are keen to ensure that EU plays a leading…
On May 16, 2018 the European Parliament’s Committee on Research, Industry and Energy adopted a resolution on blockchain focused on making the EU a global leader in the development and adoption of blockchain. The resolution was proposed by Eva Kaili, Greek MEP, blockchain advocate and chair of the EU’s Science and Technology Options Assessment Panel which provides independent studies and information to help MEPs assess the impact of new technologies. The resolution advocates for the use…
On 1 February the European Commission announced the launch of a new EU Blockchain Observatory and Forum. The aims of the Observatory are to: map key existing blockchain initiatives in Europe and beyond; monitor blockchain developments, analyse trends and address emerging issues; become a knowledge hub on blockchain; promote European blockchain actors and reinforce European engagement with multiple stakeholders; be a communications channel to set out the EU’s vision and ambition with respect to blockchain…