Date: 20th March 2020

Digitalisation and new technologies are significantly transforming the European financial system and the way it provides financial services to Europe’s businesses and citizens.

Key areas of reflection include deepening the Single Market for digital financial services, promoting a data-driven financial sector in the EU while addressing its risks and ensuring a true level playing field, making the EU financial services regulatory framework more innovation-friendly, and enhancing the digital operational resilience of the financial system.

This public consultation, and the parallel public consultation on digital operational resilience, are first steps to prepare potential initiatives which the Commission is considering in that context.

Crypto-assets are one of the major applications of blockchain for finance. Crypto-assets are commonly defined as a type of private assets that depend primarily on cryptography and distributed ledger technology as part of their inherent value.

Building on the advice from the EBA and ESMA, this consultation should inform the Commission services’ ongoing work on crypto-assets.