Industry representatives from Ripple, AtomicHub and Lukso recommended that MEPs regulate use cases rather than underlying technology.
Ripple, AtomicHub and Lukso representatives recommended that policymakers regulate use cases rather than underlying technology.Regulation should focus on the use cases rather than technology, metaverse and NFT industry leaders told European Parliament lawmakers, in a meeting to discuss Web3 industry recommendations for future policy.
At the helm of the meeting was MEP Stefan Berger, who led the Parliament’s negotiations on the Markets in Crypto-Assets regulation. MiCA largely excludes NFTs, barring a reference to large groups of NFTs which may be considered “fungible” financial instruments. That will be up for the interpretation of regulators who will write implementation rules for the bill next year.
The Parliament’s center-right European People’s Party worked together with a Brussels-based crypto advocacy group, Blockchain for Europe, to organize an educational workshop on NFTs and metaverse covering use cases and policy recommendations. They gave various analogies to bring their point across: A collectible football card is not the same as a Tesla share, and should not come under the same provisions. When it comes to the underlying technology — a contract is not the same as toilet paper, though both are made of paper, for example.
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