The EU-wide legislation known as eIDAS is in force as of September 29, 2018.

Standing for ”Electronic Identification, Authentication and trust Services”, eIDAS is an EU regulation setting the standards for electronic identification trust services for electronic transaction in the European Single Market. The regulation aims to enhance trust in electronic transactions, and seeks to increase transparency, security, and standardisation in the EU’s internal market.

On September 28, 2019, the European Commission published a news article where the effects of the regulation and the statements of the Commission officials were summarised. Accordingly, a few of the opportunities presented by eIDAS include opening a bank account in the EU without being physically present, better reinforcement of the rules of the GDPR, and reducing the risks of data misuse via sharing only necessary information.

Read the official article here.

Find the full legislation text here.