Good News for Blockchain - EU Not in a Hurry to Regulate

11 September 2018 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

The-Blockchain.com reported that  as “…blockchain technology has the potential to transform the business landscape and make its mark across many different sectors, it is imperative that policymakers become more accommodating with the development and adoption of blockchain technology.”  The September 11, 2018 article entitled “EU Holds Off on Crypto Regulation” was not limited to cryptocurrencies and that:

EU Finance ministers who gathered in Vienna last week have agreed to slow down and not act hastily in regulating the emerging crypto markets in Europe.

The article also included these comments from Nicolas Gilot (Co-CEO of blockchain-powered gaming distribution platform Ultra):

Legal regulation will always postdate technological innovation, and with differing national frameworks, the EU is treading carefully.

Imposing early regulation on member states could prove difficult with many countries militating the effects and consequences it could have on blockchain development and its potential to stifle crypto adoption.

Further insight and research into cryptocurrencies and blockchain is needed before a clear and coherent set of regulations is implemented, and we will have more clarity as to the appropriate solution in the coming years.

In time, regulatory compliance will prove hospitable for blockchain innovation and will attract good actors to the European crypto market

I think this is good news that the EU is patiently deciding about regulating Blockchain, what do you think?

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