EU Advisory Body Claims that Blockchain Innovation is at Risk within the European Union By Cryptovest

EU Advisory Body Claims that Blockchain Innovation is at Risk within the European Union

The European Commission’s blockchain advisory body has warned that the EU’s lack of legal and regulatory certainty can stop blockchain development and the Union’s leading role in innovation. On August 1, the European Blockchain Observatory and Forum published its first-ever report analyzing the blockchain industry in the Union and outlining several recommendations to the bloc.

The Forum took the opinions of key players in the EU administration, member-states officials, and the European blockchain industry. Analyzing the challenges that blockchain business meets, the body called for EU-wide actions that should stop the uncertainty.

“Such [legal and regulatory] lack of clarity can put a chill on innovation. Entrepreneurs understandably fear investing heavily in products only to find that what they have done is not compliant, potentially exposing them to financial or even cri…

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