EU Regulation Rules Alarm Blockchain Industry

The European Commission’s new requirements for crypto assets could overload the sector, risking a flight of companies from the European Economic Area. This is stated in a заявлении Международной ассоциации доверенного применения блокчейна (INATBA).

The association includes more than 100 global technology companies, including Ripple, SWIFT, IBM, and Consensys AG. They voiced concerns about the current draft of the document.

“We believe that legal certainty is a necessary and important step in the development of systems built on blockchain technology. Without this, the industry will not be able to achieve fast transactions and broad adoption,” the statement notes.

INATBA argues that overly burdensome regulation could stifle innovation within the EU and make it inaccessible to citizens. The negative impact would be felt in some new sectors, including DeFi.

Representatives of the association urged the European Commission, the European Parliament and other stakeholders to engage in the work on developing the new legislation.

In September, European authorities published a bill laying the regulatory groundwork for crypto-assets and stablecoins. The document also provides for the launch of a special legal regime for blockchain projects.

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