European Blockchain Association Urges EU Representatives to Embrace Web3 for Strategic Autonomy and Competitiveness

by | May 21, 2024 | European Perspectives, news, Regulation&Taxation | 0 comments

The European Blockchain Association, in accordance with the EU Blockchain Manifesto, has issued an open letter to EU Institutional Representatives, calling for a concerted effort to transition from Web2 to Web3. The letter aims to highlight the importance of blockchain technology in fostering digital trust services, supporting new digital communities, and enhancing the European Union’s internal market competitiveness and strategic autonomy.

The open letter is divided into three distinct parts, each addressing a crucial aspect of the proposed transition:

  1. Strategic Priority: The first part of the letter reinforces the European-level messaging of blockchain technology as a strategic priority for the Union. It emphasizes the need to deliver on a strategic roadmap that anchors existing public infrastructure projects, such as the European Blockchain Services Infrastructure (EBSI), the European Digital Identity Wallet (EUDIW), and the digital product passport (DPP), as vehicles for enabling market services.
  2. Public-Private Partnerships: The second part re-imagines a strategic role for public-private partnerships in delivering on the target roadmap. By integrating and extending the viability of the aforementioned public infrastructure projects, these partnerships can play a crucial role in driving the adoption of blockchain technology and tokenized services across the EU.
  3. Policy Recommendations: The third and final part of the letter focuses on a series of high-level policy recommendations aimed at scaling blockchain and tokenized services in Europe. These recommendations are designed to create a favorable regulatory environment that encourages innovation and growth in the blockchain sector.

The open letter is addressed to policymakers at both the National and European levels, recognizing the pivotal role that rotating Council Presidencies play in delivering policy initiatives. By engaging with decision-makers at all levels, the European Blockchain Association hopes to build a broad consensus around the importance of embracing Web3 technologies.

The transition from Web2 to Web3 represents a significant opportunity for the European Union to assert its leadership in the digital space. By harnessing the power of blockchain technology and tokenized services, the EU can create a more competitive, secure, and strategically autonomous internal market.

As the open letter makes clear, the time for action is now. The European Blockchain Association urges EU representatives to seize this opportunity and work together to create a regulatory framework that supports the growth and adoption of Web3 technologies across the Union.

To read the full open letter and learn more about the European Blockchain Association’s vision for a Web3-enabled future, please visit click here.