EU commission backs up blockchain and FinTech start-ups

EU commission backs up blockchain and FinTech start-ups

The European Commission (EU) has launched an initiative aiming to support innovative European entrepreneurs, stated their press release available at e

Hewlett Packard Enterprise To Use R3`s Corda Platform
ING Implements 27 Blockchain Proofs-of-Concept
Researchers Are Utilizing Blockchian To Trace Sex Trafficking Victims

The European Commission (EU) has launched an initiative aiming to support innovative European entrepreneurs, stated their press release available at europa.eu. Many FinTech and blockchain start-ups may also benefit from the project.

The Start-up and Scale-up initiative will provide improved access to finance and simpler tax fillings for innovators in Europe. Moreover, the EU will give a second chance to honest entrepreneurs by discharging them of their debt after a maximum period of 3 years.

“Today start-ups do not fully take advantage of the opportunities of the Single Market. Starting and scaling up a company across Europe has to become simpler. Europe needs to become the first choice place for great business ideas to grow into successful companies. This is about new jobs, innovation and competitiveness for Europe.”, said Commissioner Elżbieta Bieńkowskaresponsible for Internal Market, Industry, Entrepreneurship and SMEs.

Earlier this year the Anti-Money Laundering Directive (AMLD) of the EU emphasized the need of stricter rules on the use of virtual currencies. Their directive available at et. europa.eu proposed a central database for bitcoin and virtual currency users` identities as a form of prevention from criminal activities.

While the commission has been cautious about cryptocurrencies, it wants to boost blockchain start-ups. In the recent years, the EU have worked to create a better environment for businesses by introducing projects like the Digital Single Market and the Single Market Strategy.

“Today’s local start-ups could become tomorrow’s global success stories. We want to help start-ups stay and grow in Europe. By helping them navigate the – often perceived – regulatory barriers to fully benefiting from the Single Market. By making it easier for them to have a second chance, without being stigmatised if their idea doesn’t succeed the first time around. And by improving access to funding by boosting private venture capital investment.”, said the press release quoting vice-president Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness.

COMMENTS