Regulators Need Knowledge, Says Commission

The European Commission has proposed more education on blockchain for national regulators.

A draft communication recommending a pilot program, dated March 23, was addressed to the to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions. The notice said that the pilot project would particularly focus on “improving the knowledge and creating awareness of the blockchain technology” among the EU’s regulators.

“This work will also benefit from specific funding from the European Parliament for a pilot project aimed at reinforcing the capacity and technical expertise of national regulators with regard to distributed ledger technology,” the Commission said.

The Commission noted that many regulators are unsure where the services they are providing fit into current regulations, which could potentially see them experience a ‘disproportionate, inconsistent or over-cautious application of regulatory requirements.

Last year, the European Parliament approved a task force to study the blockchain and created an incubator for startups in the sector.