EC plans blockchain 'observatory'

EC plans blockchain 'observatory'

The European Commission is pumping EUR500,000 into a blockchain and distributed ledger technology 'observatory' and forum to help it build up its knowledge and expertise on the subject.

The Commission says that the hub will work to become an expertise centre where forward-looking topics on blockchain are discussed and potential use cases are developed at EU level.

This will then feed into helping the EC understand what role - if any - authorities should play to encourage the development and uptake of these technologies and to formulate related policy recommendations.

With a two year budget of EUR500,000, the Commission is launching a call for tender for a services contract to set up the observatory.

The observatory is part of a wider EC fintech and DLT project outlined last month. The organisation is understood to be pondering the adoption of an EU-wide licence for tech companies in the FS sector to operate across Europe. Other options on the table include the creation of a regulatory framework and sandbox environment covering the entire Union.

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