Many individual European Union countries have been at the forefront of cryptocurrency exchange and blockchain technology. Most EU states have seen cryptocurrency as a vital part of the emerging technologies surrounding the financial sector. As such, they have taken en masse to providing legislation protecting and regulating cryptocurrency.
Portugal, Ireland, and Scotland have all been major proponents of blockchain innovation. Meanwhile, the Eastern European states have seen a boom of cryptocurrency mania.
The EU’s economic minister, Valdis Dombrovskis, announced the need for the body to create more encompassing and protective rules to protect the growing cryptocurrency market in the region, reported Coindesk.
It was further noted that although European law adequately protects and covers most forms of digital assets, some are still left entirely unregulated. Dombrovskis stressed that the EU must be at the world’s forefront in welcoming in a crypto-friendly age. He added that Europe can achieve this by providing the most desirable and favourable protection mechanisms.
Lawyer Monthly further reports that although individual EU member states have laws regarding certain areas of cryptocurrency management, there is not a set EU legislative framework for cross-border cryptocurrency transactions. The year 2020 will be a decisive year in the EU’s development of its cryptocurrency regimes.
What lies in store for the EU?
With Brexit having happened in January 2020, the EU has lost one of its most vital members, the UK. Likewise, the UK has lost the mainland continent as a crucial trading partner and will suffer economically as a result.
Meanwhile, Eastern Europe has seen prosperity in its cryptocurrency spheres, as more people see the transparency and democratising effect digital currencies have on the world’s markets. A surge in cryptocurrency interest has led to this region becoming key in blockchain development.
Western European states such as Italy, Ireland, and Portugal have also seen immense strides taken in welcoming in crypto-friendly legislation and monitoring frameworks. They have also increased public interest in the crypto-market through conferences and crypto-friendly environments.
The world is sure to see the European Union take the baton as one of the world’s foremost cryptocurrency developers.