Thursday, December 9, 2021

EU institutions relax rules for crypto technology

EU institutions relax rules for crypto technology

The EU institutions have agreed on special rules for the technology behind cryptocurrencies – such as blockchain. Database technologies such as blockchain are to be exempted from strict EU rules for financial services in the short term.

editorial staff
24 November 2021 22:07

This measure is intended to allow the traditional financial sector to try out the new technology. With the pilot regulation that has now been decided, experience is to be gained in order to identify proposals for further rules for transactions on the basis of DLTs, as the parliament announced. The EU institutions initially agreed that financial services via DLTs should be limited. Among other things, the negotiators stipulated that operators of such a database should not exceed a market value of six billion euros.

A blockchain is a distributed, public database – such technologies are also called “Distributed Ledger Technologies” (DLTs). In the context of cryptocurrencies like Bitcoin, this database is used to manage money transactions. The term “chain” comes from the chain to which the transactions are added in chronological order. (APA)

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