Lack of legal certainty is often cited as the main obstacle to the development of a solid blockchain industry in the EU. The European Commission is about to conclude a regulatory initiative that should lead to a clear definition of blockchain-based cryptocurrencies in the European legal framework. According to a report by CyprusMail, the EU Commission is about to publish the first regulatory laws for digital assets.
Blockchain and the crypto industry need more legal certainty
In December 2019, the European Commission launched a public consultation on how to regulate cryptocurrencies and address blockchain-based tokenizations. This initiative aims to clarify the legal position of crypto and pave the way for innovations, but also secure it. Even if the EU took some time to tackle blockchain and crypto regulation, this could have a major impact. The EU is considered to be one of the safest legal best-covered environments in the world. If this legal certainty and regulation is now also applied to the crypto and blockchain sector, important innovators could settle here for the future. In the long term, this would not only bring the EU tax revenue, but also a leadership role and a certain right of co-determination in the promising blockchain technology.