Motion For A European Parliament Resolution On Virtual Currencies
Beyond financial services, the Commission is actively reflecting on possible pilot projects to foster decentralised innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society.The following report on Virtual Currencies from the European Commission explores DLT benefits and challenges as well as fields for applications in financial services.
Capital Markets Union: The Road to Sustainable Growth in Europe
In February 2015, the European Commission launched a consultation on the measures needed to unlock investment in the EU and create a single market for capital. More than 700 responses were received reflecting broad support for the Capital Markets Union (CMU).
Commission presents Action Plan to strengthen the fight against terrorist financing
The European Commission presents an Action Plan to strengthen the fight against the financing of terrorism. The recent terrorist attacks in the European Union and beyond demonstrate the need for a strong coordinated European response to combatting terrorism. The European Agenda for Security had identified a number of areas to improve the fight against terrorist financing. Today's comprehensive Action Plan will deliver a strong and swift response to the current challenges, building on existing EU rules and complementing them where necessary. Through concrete measures, it will adapt or propose additional rules to deal with new threats.
EBA Opinion on âvirtual currenciesâ
The European Banking Authority (EBA) published an Opinion addressed to the EU Council, European Commission and European Parliament setting out the requirements that would be needed to regulate âvirtual currencies'. The report continues by identifying the main risks arising from VCs, separated into risks arising to individuals, to other market participants, to financial integrity, to existing payment systems in conventional FCs, and to regulatory authorities. Each of the 70 risks identified is tentatively prioritised based on indicative judgements of the probability of their materialisation and the impact of this materialisation. The causal divers are also identified for each risk, as these will indicate the regulatory measures that would be required to mitigate the risk drivers.
