According to a report published by Finance Magnets on December 5, 2018, Ripple (XRP), NEM, Fetch.AI and Cardano (ADA) have formed a lobby group in Europe. The aim of the group will be “to create a unified voice for the blockchain industry on a European level”.
Regulations: A Necessary Evil
See the aftermath of 2017 ICO Frenzy, in which the majority of projects have dropped 80 to 90 percent from their all-time high rating, crypto firms are steadily moving towards some degree regulation regain investor confidence.
It makes sense why regulation is seen as a necessity in the crypto community, as has been the case with ICO exit scams in the recent past cheated innocent investors worth hundreds of millions of dollars.
One of the cornerstones of cryptocurrencies is their libertarian base, something that Satoshi Nakamoto picked up Bitcoin Stay away from the shackles of Wall Street corporations and cumbersome regulations. Given the current battle of the crypto markets and the insistence of regulators for full regulation, crypto projects are continuously working on an ecosystem that fosters innovation and security in equal measure.
The newly christened lobby group called “Blockchain for Europe” will work with the European Union (ME) Institutions to ensure that the appetite for innovation in blockchain technology does not die under strict regulations.
Dan Morgan, Head of Regulatory Relations for Europe at Ripple, commented on the development:
“Ripple is proud to be a founding member of Blockchain for Europe. This is a critical time for policymakers in Europe as they try to develop the right legal framework to take advantage of both digital assets and blockchain technology. “
The group reportedly held its first summit in late November 2018. The four largest political groups in the European Union took part in the summit.
Blockchain for Europe’s long-term plans involves educating the public in EU member states about the “true nature and potential” of Blockchain technology.
Toby Simpson, CTO and Co-Founder of Fetch.AI, shared his thoughts on the lobby group, stating that bringing together new technologies like machine learning, AI and DLT could pave the way for a better future for the world.
Europe leads the global blockchain race
Europe has shown a smart approach, taking cryptocurrencies and blockchain technology into account.
BTCManager reported on September 7, 2018, as EU finance ministers are considering introducing a standard set of rules to regulate cryptocurrencies and ensure that their growth is not hampered.
Furthermore, the political and economic union announced the formation of the TITANIUM consortium in July 2018 to reduce the use of cryptocurrencies for criminal activities.
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