European Politicians Thinking About Developing a New Blockchain After Revolutionary Law
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As of now, the Europeum blockchain is just an idea. But, according to the minister, it could act as a vehicle that will drive everything from professional qualifications to recording of property ownership while sticking to the bar the EU already set.
The Solution to Full-Blown Crypto Adoption?
Not every European politician seems bent on making crypto legal or building a new blockchain. But, Belgium’s digital minister Mathieu Michel is making the first steps in orienting toward supply-chain management and public crypto services. For those unaware, the European Union has already made a move on crypto. Its MiCA law has set governance and stability rules for cryptocurrency service providers, and the proposed Europeum blockchain can take things further.
The proposal comes after a series of crypto scandals. This is why Michel wants to move away from financial applications of distributed technology into public services. The controversial MiCA law should be passed in April, and many EU politicians are already seeing it as passed. If voted into law, the EU will become the first major block with a clear cryptocurrency framework. But, it doesn’t want to stop there. Europe wants to become the first political organization to lead the world in blockchain by creating a brand-new blockchain network dubbed Europeum.
MiCA Is the First Step?
According to Michel, MiCA is nothing more than the first step toward crypto regulation. It’s the right move for the EU, but Belgium’s digital minister says that the main goal is to go further and create a blockchain network built on the values set by the law. In his own view, it could contain a whole series of conditions that regulate private ownership, protect private life, and other stuff that will be 100% transparent.
The Europeum network is an obvious play on the Ethereum network – at least in name. Instead of going through a political crypto minefield, the EU should focus on areas that are prone to abuse, yet less sensitive. This might include digitizing administrative documents and educational diplomas. With the Europeum blockchain, they will be recognized in the whole European Union.
Crypto Firms Are Preparing for MiCA
EU’s MiCA (Market in Crypto Assets) regulation is fast moving forward to becoming law. The new regulation will surely become law if voted in April, and regardless of the outcome of the April voting, crypto firms across the EU are already adapting to the potential changes. MiCA needs an unprecedented level of transparency from crypto exchanges, and it also asks exchanges to keep the public informed about their pricing process and trades.
Many have already implemented such changes so they can be ready when the law finally comes. There’s a slight chance that it’s not voted, but a much bigger one that it’ll become law. With it and the proposed blockchain, the EU might shake up the crypto industry for better or worse.
