Ripple, NEM, Cardano and Fetch AI have joined forces to form the ‘’Blockchain For Europe’’ Association according to the latest crypto news today, in order to promote and better understand the regulation of blockchain and other DLT technologies in Europe.
According to an official press release, the four major blockchain companies created one goal addressing the European Union divided policy debate about blockchain which they believe is surrounded by inconsistent information.
While trying to improve the current situation, the new association aims to educate everyone in the European Union and also state institutions that are a member of the union, about the possibilities and the potential of the blockchain technology. It will also fight for the use of smart regulation that will be done with the use of the latest innovations and will help the continent to ‘’shape the global agenda’’ of the blockchain.
The association has already hosted one event on November 27-Blockchain for Europe Summit in Brussels with the four major groups such as The European People’s Party, The European Conservatives, and Reformists, The Alliance of Liberals and Democrats for Europe and the Progressive Alliance of Socialists and Democrats.
On the summit, the massive potential of the blockchain technology was addressed and also its key role into multiple sectors and industries were noted such as the use of blockchain in healthcare, transport, trade, and governance.
The most recent EU member to join the regional industry group was Italy. Some of the members that are in the group include France, Germany, Sweden, Ireland, UK, and the Netherlands.
The goal is to support the delivery of the cross-border public services that are digital with the highest levels of security and privacy.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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