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December 4, 2018 11:03 PM
The group hopes to direct policymakers in the desired direction as they develop regulations addressed to the technology sector.
Four blockchain companies – Ripple, NEM, Fetch.AI and EMURGO – aim to create a "unified voice" for blockchain in Europe as regulators and governments consider how to exert their influence on this new technology and on the new financial ecosystem that he is creating.
The press release says that "the political debate in Europe has been fragmented – with inconsistent information from those who are not part of the blockchain sector, defying consensus within it. "Hence the formation of this new association, which hopes to educate policymakers and stakeholders in the European Union about the potential of distributed accounting technology (DLT) and blockchain. He hopes to ensure that early regulation "promotes and stimulates" innovation in Europe.
Fetch.AI and EMURGO, meanwhile, are less recognizable names. The former is working on an intelligent ledger that uses machine learning and artificial intelligence (AI), but its technology is not yet active. This is one of the three governing bodies of Cardano blockchain – together with IOHK and Cardano Foundation – and is its commercial arm. Cardano is another third-generation blockchain built with the promise of increasing capacity and scalability potential. Likewise, its technology will not be ready until later in 2019.
The four companies recently hosted the "Blockchain for Europe Summit" on November 27, 2018, with four of the largest European parliamentary groups interested in the present blockchain, including the European Commission's FinTech task force.
The new association hopes to "help Europe create smart regulation to shape the global agenda on the blockchain," according to the statement. Dan Morgan, head of regulatory relations for Ripple in Europe, said: "This is a critical moment for policy makers in Europe as they seek to develop the right regulatory framework to reap the benefits of digital assets and blockchain technology."
Kristof Van de Reck, co-founder of the NEM Foundation, added: "There is a lack of impartial information, especially when it comes to the open and decentralized application of technology". He hopes that Blockchain for Europe will provide "insights that are not adapted to the agenda of specific organizations or stakeholders".
The combination of the Asian blockchain companies NEM and EMURGO, Fetch based in the United Kingdom and Ripple in the United States, is perhaps surprising for an organization focused on Europe. Having said that, it is clear that Europe is an important blockchain market and all four are hoping to take advantage of it, as well as guaranteeing, perhaps, a global regulatory precedent. If the EU were to create a regulation that stifles the blockchain, the aspirations of all four blockchain companies and the promise of this emerging technology could be at risk.
Melanie Kramer is a freelance writer of FinTech, blockchain and cryptocurrency based between France and Canada. Melanie has studied and maintains an eager interest in global politics, business and the economy.
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