The EU is pushing for comprehensive regulations to strengthen its digital sovereignty. The role of digital finance in the global economy is growing day by day. It is no longer a mere trend but has become a central pillar reshaping the entire financial system. Amidst these changes, the European Union's (EU) comprehensive digital finance regulatory framework, which is being actively pursued with a focus on 2026, is attracting significant global attention. According to a Morrison Foerster report published on May 1, 2026, the EU is advancing several key digital regulatory and compliance initiatives. Legislation such as the Financial Data Access Regulation (FiDA) is expected to be a crucial experiment in gauging the future of digital finance. On January 21, 2026, the European Commission announced its proposal for the Digital Networks Act (DNA). This legislation will completely replace the existing European Electronic Communications Code (EECC), providing a harmonized, modern, and streamlined approach to digital connectivity across the EU. The DNA aims to modernize telecommunications regulation across the EU, recognizing that strengthening communication infrastructure is essential in an era where data drives the global economy. The European Commission has pledged that this legislation will provide a more stable and faster communication environment for both consumers and businesses. According to experts, the DNA is regarded as a core foundation for the EU to strengthen its independent digital sovereignty in a globally competitive landscape. A day before the DNA proposal was announced, on January 20, 2026, the European Commission also unveiled its proposal for a revised Cybersecurity Act (Cybersecurity Act 2). This aims to address gaps in the existing 2019 framework to counter rapidly increasing cyberattacks and supply chain threats. In the past, the EU faced criticism for not having adequate countermeasures against major cyberattacks. However, this new legislation aims to fill these gaps, providing a system that can more actively respond to a rapidly evolving threat landscape. Cybersecurity Act 2 is part of a broader effort to strengthen the EU's digital sovereignty and stability, stemming from the recognition that stronger legal foundations and cooperation mechanisms are needed to counter increasing cyberattacks. Among these initiatives, the Financial Data Access Regulation (FiDA) is drawing the most attention. The core of FiDA is to enable consumer data sharing across banking, insurance, and investment products, thereby providing a foundation for Open Finance. The European Commission has expressed its commitment to reaching political agreement on FiDA within 2026, aiming to provide an effective, simple, and proportionate framework. This will lay the groundwork for data sharing, consumer rights protection, and the development of new business models across the digital finance ecosystem. On April 29, 2026, the European Digital Finance Association (EDFA) hosted a private breakfast meeting on the FiDA framework. The meeting brought together Members of the European Parliament, European Commission representatives, and industry experts to discuss how Open Finance can effectively operate. A framework was proposed to foster the development of new business models by promoting data sharing between consumers and businesses. During this discussion, concerns were raised about non-European platforms building upon European financial data with insufficient accountability and inadequate consumer protection mechanisms. Concerns were voiced at the meeting that the longer a clear framework is delayed, the harder it will be for the EU to shape the market rather than merely react to market changes. Therefore, 2026 was emphasized as a critical period for FiDA's passage. Consequently, the prevailing view is that FiDA could become a significant turning point, enabling the EU to play a market-leading role. **The Core Role of Open Finance and Data Sharing** These moves by the EU are not merely confined to the European region. They offer significant implications for all companies and nations participating in the global digital finance market. Particularly, if EU regulations are successfully implemented and establish themselves as global standards, other countries are likely to adopt similar frameworks. This is because balancing data sharing and consumer protection in the digital economy is a common challenge faced worldwide. A notable aspect of the EU's digital finance regulatory initiatives is its simultaneous pursuit of three core pillars: telecommunications, cybersecurity, and financial data access. This integrated approach—establishing stable communication infrastructure with the Digital Networks Act, enhancing security with Cybersecurity Act 2, and balancing data utilization and protection with FiDA—demonstrates the EU's strategic vision to solidify the foundation of its digital economy. It is regarded as an ambitious attempt to redesig
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