European Union: European Commission opened consultation on European Business Wallet initiative

On 15 May 2025, the European Commission opened a consultation on the European Business Wallet initiative, which will remain open until 12 June 2025. The consultation seeks input from stakeholders, including large corporations, small and medium-sized enterprises (SMEs), technology vendors, industry associations, Chambers of Commerce, national and business registers, and public administrations. The consultation aims to gather feedback on challenges faced by economic operators in digital transactions, regulatory compliance, and cross-border interactions. The initiative proposes to reduce administrative burdens and enhance cross-border digital operations by establishing a harmonised and secure identity infrastructure for economic operators and public administrations. The European Business Wallet will extend the EU Digital Identity Framework to legal entities, enabling businesses to identify and authenticate themselves digitally, receive official notifications, and share verified credentials such as licences, permits, and certificates across the EU. It aims to support B2G, B2B, and G2G interactions through a cloud-based, interoperable system for compliance and reporting.