EU’s Vision for Blockchain Leadership
The European Union aims to become a global leader in blockchain and web3 technology, fostering innovation and creating a conducive environment for significant platforms, applications, and companies to thrive. Blockchain/web3 technology enables individuals and organizations to collectively agree on and permanently record information without a central authority, creating trust in data in unprecedented ways.
Key Areas of Focus
The EU Commission’s strategy supports the development of blockchain/web3 in key areas that adhere to European values and regulations:
- Enhanced Trust Services: Blockchain solutions provide high levels of trust and are being utilized in various pilot projects and deployments.
- Environmental Sustainability: Ensuring blockchain technology is sustainable and energy-efficient.
- Data Protection: Compliance with the EU’s stringent data protection and privacy regulations.
- Digital Identity: Enhancing digital identity frameworks for individuals, organizations, and items.
- Cybersecurity: Providing robust cybersecurity measures.
- Interoperability: Ensuring blockchains and Web3 technologies are interoperable with each other and existing systems.
Commission Initiatives
The Commission is actively supporting policy, legal, regulatory, and funding initiatives in blockchain and Web3:
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Support for Infrastructure
- The European Blockchain Services Infrastructure (EBSI) is being developed by the European public sector.
- The EUROPEUM-EDIC, a new legal entity, will further deploy and expand EBSI’s capabilities.
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Legal and Policy Initiatives
- Introduction of a pro-innovation legal framework through the Markets in Crypto-Assets regulation.
- Pilot regime for market infrastructures based on distributed ledger technology.
- Provisions for smart contracts in the Data Act and electronic ledgers in the EU Digital Identity regulation.
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European Blockchain Sandbox (EBS)
- Supports innovative blockchain projects, fostering regulatory dialogue and preventing legal fragmentation.
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Funding and Investment
- The EU has provided approximately €700 million in grants for blockchain research and innovation between 2016 and 2024.
- Funding projects that innovate and pilot web3 in various application areas.
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Skills Development
- Initiatives like CHAISE address the growing demand for blockchain skills across Europe.
- The Digital Europe Programme supports skills development in key digital technologies.
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Participation in Fora
- Engagement with the private sector, academia, and the blockchain community through initiatives like INATBA and the European Blockchain Observatory and Forum.
Future Directions
Future initiatives will focus on advancing innovation through Web3 technology and decentralized methods, particularly in AI, secure IoT integration, and data marketplaces. The EU continues to promote the development and use of sustainable blockchain solutions, addressing climate change and supporting the European Green New Deal.
The European Commission remains committed to creating a robust ecosystem for blockchain technology, balancing innovation with regulatory certainty and sustainability.
