Fintech Regulation Across the EU Mismatched
The European Banking Authority (EBA) have published a report analysing how the regulatory framework is applicable to fintech firms, illustrating the changing regulatory status of fintech firms and the different approaches of authorities across Europe.
The report has noted two particular developments in the regulatory status of fintech firms. Firstly, many firms are shifting from non-regulated to regulated activities, particularly in the payments area which are now subject to the PSD2 regulation. Secondly, other than where crowdfunding and crypto-assets are involved, the non-financial side of services provided by fintech firms are often not subject to any regulation. In terms of regulation, the EBA has found that there is potentially an uneven playing field across Europe, with fintech firms more heavily regulated in some countries than others.
Read the report in full here.
