The Bulgarian Fintech Association became a co-signatory of a Proposal for action in the field of financial technology and innovation. The ideas were submitted by a number of European Fintech Associations to the European Commision. 

The proposals in the common position of the sector are:  

  • The creation of a Single European Standard for Open Banking;
  • Harmonisation of the methods of electronic and remote identifiction so that obliged entities in all members states can use the same methods of identifying their customers for the purpose of preventing money laundering or terrorist financing;
  • A bespoke regime for crypto-assets;
  • Harmonisation of the definition of securities and legal clarification of the posisbility for issuing, storing and trading securities on DLT;
  • Adoption of EU-wide licensing and reporting rules to enable financial innovation;
  • Establishment of a European Regulatory Sandbox Coordination Program.

Read the full proposition by following the link