BRUSSELS, Belgium—The European Commission, executive branch of the European Union, has adopted a new Digital Finance Package that includes digital finance and retail payments strategies as well as legislative proposals on crypto-assets.
The package is aimed at boosting Europe’s competitiveness and innovation in the financial sector. It will give consumers more choice and opportunities in financial services and modern payments, while at the same time ensuring consumer protection and financial stability, Fintech News said.
“Technology has much more to offer consumers and businesses and we should embrace the digital transformation proactively, while mitigating any potential risks,” said Valdis Dombrovskis, EVP of the European Commission. “That’s what (this) package aims to do. An innovative digital single market for finance will benefit Europeans and will be key to Europe’s economic recovery by offering better financial products for consumers and opening up new funding channels for companies.”
The Digital Finance Package consists of a digital finance strategy, a retail payments strategy, legislative proposals for an EU regulatory framework on crypto-assets, and proposals for an EU regulatory framework on digital operational resilience.