The FinTech Ecosystem Between Legal Compliance and Social Dimension
By Francesca Gaudino
Local Partner, Baker & McKenzie
EU Commission President Jean-Claude Juncker recently stated that:
Digital technologies are going into every aspect of life. … We need to be connected, our economy needs it, people need it.1
This statement well depicts the fact that digital technologies are meant to play a key role in our lives. Technology and innovation are essential business factors; this is not a new concept. What is brought about by the digital revolution is that our world, our personal lives, and the global economy are ‘going digital’, meaning that the focus is on the fact that digital technology is the driver and at the same time it is the cornerstone in terms of our personal lives and the global economy.
In 2015 the European Commission launched the Digital Single Market strategy,2 which is composed of the following three main pillars: (i) better access for consumers and businesses to digital goods and services across Europe, (ii) creating the right conditions and a level playing field for digital networks and innovative services to flourish, and (iii) maximizing the growth potential of the digital economy. Among others, implementation of the Digital Single Market will foster economic growth and boost the competitiveness of the European continent in the global dimension. A crucial part of this initiative is the setting up of a clear, firm, and modern legislative framework to take care ...
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