Four Blockchain Industry Majors Team Up to Launch European Association
A new blockchain organization seeks to improve the regulatory backdrop in Europe and foster understanding of the nascent technology.
Four major blockchain companies have banded together to establish a new organization representing the interests of the industry in Europe. US-based Ripple, UK’s Fetch.AI and Asian players NEM and EMURGO/Cardano said in a joint statement on Tuesday the newly-founded association, Blockchain for Europe, is “the first credible attempt to create a unified voice for the blockchain industry at European level.”
According to the companies, the catalyst for the launch was the “fragmented” policy debate on the continent, with “inconsistent information from those outside the blockchain sector challenging consensus within it.”
As part of its agenda, Blockchain for Europe will seek to encourage the understanding within the EU and member state institutions about the true nature and potential of blockchain and distributed ledger technology (DLT). It will also work towards ensuring that future regulation allows for innovation and growth in the sector.
Last week, the organization hosted a policy summit that brought together industry stakeholders and the four largest European Parliament groups. The debate involved issues such as governance, healthcare, transport, trade, identity, financial market infrastructure, and cryptocurrencies.
All four founding members have expressed their delight with working together to improve the regulatory backdrop. Ripple’s European regulatory relations chief was quoted as saying:
“This is a critical time for policymakers in Europe as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology.”
While headquartered outside the European Union, the founding members operate globally and recognize the importance of the region as one of the main blockchain markets. By ensuring that clear rules and regulations are in place, the companies also hope to boost the adoption of their native tokens - Ripple’s XRP, NEM’s eponymous token, and EMURGO’s Cardano (ADA) coin.
Another region recently saw the creation of its first blockchain association. Last week, Bitso, Volabit, BIVA, GBM, Lvna Capital, ConsenSys and Exponent Capital jointly launched the Blockchain Association of Mexico. While mainly focused on raising awareness about DLT among citizens, the organization also aims to push for the implementation of a regulatory framework to ensure safe usage of the technology.