At last week’s Malta Blockchain Summit, Roberta Metsola, a Maltese politician and European Parliament (EP) member, said in his conference speech that decentralisation powered by blockchain would provide more security.
She also presented a positive view of the new technology from an EU perspective and revealed that the industry’s issues are “of course” on the agenda of the EP, with its members encouraging to move adoption from “vision to reality.”
Metsola also declared that European authorities should take steps to demonstrate to people that the decentralisation provided by distributed ledger technology (DLT) “actually provides more security.” She added that blockchain technology is “essentially about increasing trust,” therefore its decentralised characteristic delivers “more peace of mind.”
She continued emphasising the EP’s open-mindedness with regard to blockchain technology and called for a “gentle” approach to regulating it, claiming that the new industry needs the “right type of regulation.” Metsola also clarified the point that the industry required “specific legislation” which must be adopted “at the right time.”
At the moment, EP members must first ensure that the European regulatory and constitutional ecosystem is flexible enough to embrace the new technology and pointed to the steps Malta has already taken in this regard. In July the island jurisdiction, which is known for being blockchain-friendly, introduced new crypto and blockchain-related legislation. Metsola commented that this also meant that the Maltese government should “remain adaptable and on our toes.”
European Union (EU) countries are undoubtedly getting more serious about blockchain technology and have formed a new body called the European Blockchain Partnership. And in October, the European Securities and Markets Authority (ESMA) funded an investigative campaign with a 1 million euro budget that will monitor fintech and crypto assets, with the ultimate aim of developing universal regulations for EU financial markets, as well as providing market oversight.