Eternity Law International News Blockchain strategy in the EU

Blockchain strategy in the EU

Published:
September 12, 2022

The EU fairly is considered a standard-setter in decentralization, turning into a center to many facilities and firms. The formation and introduction of blockchain strategy in the EU have opened new horizons: individuals and legal entities can mutually record and collect data without a 3rd-party authority. As a matter of fact, blockchain strategies are already widely used in the healthcare sector to store medical details about patients. By building reliance in data storage in methods that were not accessible earlier, decentralization may revolutionize how we provide data and conduct payments via the Internet.

The Eurocommission works to make up a strategy based on 5 main pillars. There is a so-called “golden criteria” for decentralized technologies that involves EU principles and ethos in its legit and regulative requirements.

This criteria encompasses the following:

  • Eco-friendly approach: Blockchain must not entail any harmful environmental effects and be energy-effective.
  • Informational security: Blockchain must always comply with the EU’s information safeguarding and privacy laws, avoiding any possibility of information leak and using it in 3rd-party interests without permission.
  • Digital identity: Blockchain must constantly better the EU’s emerging digital identity frameworks. This primarily refers to staying adaptive with electronic signature obligations and operating under decentralized identity frameworks.
  • Computer security: The security of users must be guaranteed by setting up and maintaining the highest levels of online security.
  • Ability for varied interactions: Blockchain should create systems from arbitrary heterogeneous, distributed components based on unified interfaces and connect them with existing standards.

Constituents of the EU blockchain strategy

The EU supports innovations creating new blockchain-friendly legit, regulative, and fiscal environments. The most crucial components of this approach encompass the following:

  • Creating a pan-EU public service blockchain: The EU public domain plays a big role in implementing Digital Ledger Technology (DLT) by developing its ecosystem. Soon, this will include direct interactions with privately owned segment. The EBP is implementing this plan step by step. It is a co-action of 29 countries and the Eurocommission.
  • Developing sustainable approach: The EU greatly encourages the application of DLT in encouraging eco-friendly economy progress, positively impacting environmental changes, and contributing to the EU Green Deal.
  • Boosting the volume of financing for R&D: The European Union provides financing for innovations via various grants and programs. These aids are delivered through the Hοrizon program: the authority spent approximately 180,000,000EUR in grants in the frame of Hοrizon 2020. A substantial financial blueprint for next allocations is planned in the future programs. Financed areas include contributions in projects through the innovative instruments and investing funds.
  • Bringing legit clarity: The Eurocommission recognizes the role of legit and regulative clarity in subsectors related to blockchain-grounded usage scenarios. To date, it is designing an innovative legit regime in the fields of virtual currencies (meaning, tokenization) and algorithms that safeguard clients and makes clear legit points for enterprises. The Commission demonstrates strong support for a pan-EU approach and makes efforts to avoid legit and regulative fragmentations. Interestingly, not a long time ago it issued a proposal for regulation of cryptocurrency, revising the AML legislation for virtual currencies, and announcing a pan-EU regulative sandbox for the newest solutions. The primary purpose of these implementations was to attract more funds and to strengthen the security of market participants.
  • Cooperating with all market players: The Eurocommission is committed to interoperation with the privately operated field, and the industry through two properties:
  1. INATBA, which markets the ability for varied interactions between DLT and governments, and operates as an agent between law-makers and international structures.
  2. The EU Blockchain Οbservatory and Fοrum, an EU Parliament-financed project in a testing version that aims to collect experience to make up sector initiatives and movements worldwide to result in a complete, publicly accessible platform of blockchain database that applies to the EU blockchain ecosystems.

Please contact us to get more information.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Procedure for getting a payment license in Singapore

The possibility of getting a license allowing working in the field of rendering payment services in a particular jurisdiction has recently attracted more and more interest. In particular, this also applies to Singapore. However, as a rule, there is no available and clearly marked information regarding the licensing procedure in the Singapore jurisdiction. Below are...

PI license in Gibraltar

Today, all firms dealing with payments are regulated through the Financial Services Legislation established in 1989 and Regulations 2010. A PI license in Gibraltar provides opportunities to conduct officially permitted deals in financial sector, demonstrating to clients and potential partners reliability and extensive business-project prospects. Permitted deals covered by a Payment Institution License in Gibraltar...

Fintech regulation in Poland 2024: significant changes for AML and VASP

The financial sector of Poland awaits a range of important amendments to be effected in 2024. Among them are new regulations for virtual asset service providers (VASP) and AML compliance. Read on to figure out the latest changes in the Polish regulatory framework for the financial market. The new organizational structure of KNF  Under the...

API license in Luxembourg

Luxembourg is a small European country that has become quite popular and often chosen by entrepreneurs and investors due to its stable economy and wide range of financial opportunities. This country has all the commercial prerequisites for developing a business of any kind, and the opportunity to get Luxembourg authorised payment institution license and become...

PSP license in Singapore

If you’re intending to deliver commercial offers directly connected with payments in Singaporean market, you are obliged by law to acquire a Singapore PSP-license. Below are the key points you need to consider before entering Singaporean financial market-space and getting a Singapore payment service providers license. What’s a PSP authorization? A Singaporean PSP-license is permission...

Ready-made company in Madeira

Madeira is located on the West Coast of the Atlantic Ocean and has been considered a link between the EU and the US since the time of Columbus. At the moment, Madeira is a member of the European Union and belongs to the Schengen area. The jurisdiction has a good economic situation, and many foreign...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista
Calls are made only from Portugal

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7