ECB on the digital economy
HMT consults on crypto
FCA publishes Covid impact survey
DCMS flags Brexit eCommerce changes
The article mainly summarises and updates the evidence on the euro area and the EU digital economy, including international comparisons. also takes a closer look at the impact of the coronavirus pandemic on the digital economy. The UK and Ireland are ahead of all the big EU names in terms of digital adoption with the Nordics leading the field.
The document represents the first stage in the government’s consultative process with industry and stakeholders on the broader regulatory approach to cryptoassets and stablecoins. It seeks views on how the UK can ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability.
The surveys were sent to solo-regulated firms to inform the FCA of the impact of coronavirus on firms’ financial resilience and identified 4,000 financial services firms with low financial resilience and at heightened risk of failure, though many will be able to bolster their resilience as and when economic conditions improve. These are predominantly SMEs and approximately 30% have the potential to cause harm in failure.
Department for Digital, Culture, Media & Sport – The eCommerce Directive after Brexit
What you need to do now that the eCommerce Directive no longer applies to the UK. The government intends to fully remove the eCommerce Directive’s Country of Origin principle from UK legislation, to bring EEA online service providers in scope of UK laws, from which they were previously exempt.