LONDON: The EU’s banking watchdog set out a “roadmap” on Friday to help plug gaps in how the rapidly evolving financial technology sector is regulated, but urged caution in tackling cryptocurrencies.
New EU rules from January make it easier for startups to offer traditional banking services such as payments.
Andrea Enria, head of the European Banking Authority, said the watchdog will analyze the nature of services provided by fintech firms “with a view to ensuring that similar services, entailing comparable risks, are regulated in a consistent way across the EU.”
The watchdog, which helps the bloc flesh out C rules, will report on its assessment by the end of the year.
Regulators have held back for several years from introducing comprehensive rules for fintech, saying the sector is still tiny compared with mainstream banking. Politicians are also keen not to stifle innovation as London, Paris and Berlin jostle to lure fintech firms.
Enria said the EBA will review regulatory “sandboxes” or controlled environments set up by some national regulators to allow fintech firms to try out new apps on customers.
“We need to ensure that firms can enter and participate in the internal market for financial services on an equal footing and that a high standard of consumer protection is mantained,” Enria said in a speech at Copenhagen Business School.
Brussels made its first foray into fintech regulation this week by proposing an “optional” licensing system for crowdfunding.
Enria said that bringing fintech firms under the same supervisory umbrella as banks just because they compete in some of the same sectors is not the right answer.
But “heightened monitoring” was needed on the links between banks and fintech firms, which often develop new services jointly.
Enria said EBA may recommend changes to existing EU financial rules to make them “technologically neutral” and proportionate for fintech startups.
The EU has said it “stands ready” to regulate cryptocurrencies if no action is taken at the global level after the Group of 20 economies (G-20) meets later this month to discuss possible rules.
Despite some central bankers calling for regulation, there is no strong consensus for new global rules given the different approaches being taken by countries, ranging from bans to no action at all.
Enria said he was “yet to be convinced” that cryptocurrencies should come under the full gamut of regulation, a move that would enter “uncharted territory” and require many years to develop.
Instead, a more “nuanced” short-term strategy could focus on applying anti-money laundering and terrorist financing rules, warnings to consumers — a step already taken by EBA — and preventing banks from holding cryptocurrencies.
“This strategy would avoid granting any official recognition to a sector that is still very heterogenous, changing fast and, as such, difficult to regulate and supervise,” Enria said.
EU banking watchdog sets out ‘roadmap’ to regulate fintech
EU banking watchdog sets out ‘roadmap’ to regulate fintech
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
