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

Company registration Seychelles

Registration cost 1.100 Eur Company renewal cost 950,00 Eur Directors number 1 Corporate tax 0.00 % Registered share capital 0.00 Mandatory reporting requirements No Company documents: Seychelles offshore company nominee service documents Seychelles International Business Companies (IBC) are intended for use outside of Seychelles and cannot conduct business in the Seychelles. They are a popular...

PSP license in Belgium

After the approval of the second EU Directive, in accordance with the Belgian law controlling the financial field of the jurisdiction, the possibilities of financial services and the establishment of such businesses for entrepreneurs from other countries were expanded. This type of activity is subject to FSMA licensing. Enterprises that operate in several areas at...

Obtain Your AFSL(Australian Financial Services Licence) with Professional Support

An Australian Financial Services License (AFSL) is a core requirement for companies operating in the Australian financial sector. This license, issued by the Australian Securities and Investments Commission (ASIC), provides a regulatory framework for maintaining high standards of investment performance and professionalism among financial service providers. An AFSL license is required to provide a wide...

Company Registration in Vancouver

Company Registration in Vancouver is the best option for creating any company in Canada. But if it were that simple, every second would be a successful businessman. Most of the new projects that they are trying to implement fail during the first year. In order to start embodying your business idea, you need to calculate...

Money management in 2020

Money management in 2020 – first of all, it is necessary to determine jurisdiction. Managing organizations, brokers, trusts, investment funds and foreign banks, after opening foreign accounts, offer a variety of services to persons with personal assets with high rates. Despite the fact that in the country where you live, the use of similar services...

Ready-Made Business in Estonia

Establishing business in Estonia gives entrepreneurs opportunities to interact directly with the EU market. Estonia occupies a leading position in the global community in terms of the quality and quantity of evolving technologies for digital management, which are actively used in commercial environments. It’s Estonia founded Digital 5. Ready-made business in Estonia – many variations...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360