The European Parliament has passed a data protection bill that deals with smart contracts. This is reported The Block.
The document does not directly refer to the bitcoin industry and rather refers to connected devices and the Internet of Things (IoT) sector.
However, experts fear that the provisions of the bill may affect the field of cryptocurrencies in terms of software that is widely used in the DeFi sector.
According to the author of the project, Pilar del Castillo Vera, it aims to “optimize existing business models and processes, accelerate the development of new ones and thereby create value and jobs.”
According to the document, developers of smart contracts will be required to comply with the general compliance rules in the EU.
“We view Article 30 as a marginal provision applicable to smart contracts that facilitate data transfer using IoT products, and not those deployed in DeFi applications,” said ConsenSys lawyer Natalie Linart.
It allowed further extension of the requirements to the software industry Web3.
The head of the American company EUCI, Marina Markezic, said:
“It is very difficult, almost impossible, for most smart contracts to date to comply with this article.”
Experts believe that the adopted norms can lead to an exodus of industry projects from Europe. However, they recognize the relevance of the practice of law enforcement of the act.
The Block noted that MPs softened a number of originally proposed requirements.
Recall that the final vote on the comprehensive cryptocurrency regulation bill was postponed in the EU Parliament to April.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The European Parliament has passed a data protection bill that deals with smart contracts. This is reported The Block.
The document does not directly refer to the bitcoin industry and rather refers to connected devices and the Internet of Things (IoT) sector.
However, experts fear that the provisions of the bill may affect the field of cryptocurrencies in terms of software that is widely used in the DeFi sector.
According to the author of the project, Pilar del Castillo Vera, it aims to “optimize existing business models and processes, accelerate the development of new ones and thereby create value and jobs.”
According to the document, developers of smart contracts will be required to comply with the general compliance rules in the EU.
“We view Article 30 as a marginal provision applicable to smart contracts that facilitate data transfer using IoT products, and not those deployed in DeFi applications,” said ConsenSys lawyer Natalie Linart.
It allowed further extension of the requirements to the software industry Web3.
The head of the American company EUCI, Marina Markezic, said:
“It is very difficult, almost impossible, for most smart contracts to date to comply with this article.”
Experts believe that the adopted norms can lead to an exodus of industry projects from Europe. However, they recognize the relevance of the practice of law enforcement of the act.
The Block noted that MPs softened a number of originally proposed requirements.
Recall that the final vote on the comprehensive cryptocurrency regulation bill was postponed in the EU Parliament to April.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
