EU Banking Watchdog Sets Out 'Roadmap' to Regulate Fintech
The European Union's banking watchdog set out a "roadmap" on March 9 to help plug gaps in how the rapidly evolving financial technology sector is regulated, but urged caution in tackling cryptocurrencies.
New EU rules from January make it easier for start-ups to offer traditional banking services such as payments.
Andrea Enria, head of the European Banking Authority, said the watchdog will analyze the nature of services provided by fintech firms "with a view to ensuring that similar services, entailing comparable risks, are regulated in a consistent way across the EU."
The watchdog, which helps the bloc flesh out banking rules, will report on its assessment by the end of the year. Regulators have held back for several years from introducing comprehensive rules for fintech, saying the sector is still tiny compared with mainstream banking.