Opinion: The European Union has a lot of catching up to do when it comes to cryptocurrency. It should focus on that before moving to so-called 'Web4'
as passing trends that have recently exited the limelight, it is clear that these are still very early days for such topics, and that optimally positioning oneself while the general attention is elsewhere will very likely pay handsome dividends in a few years’ time.When it comes to DeFi, specifically, Europe as a continent has quietly asserted itself as a leader, with countries such as Italy and France being the birthplace of some of the most notable projects in the space.
With innovations such as ERC-4626 ready to unlock a wealth of exciting new prospects in the space, it is safe to state that we have yet to see DeFi’s true strengths and potential, and if the EU manages to take the helm and steer innovation going forward, it will cement its place in the inevitable financial revolution that has been bubbling in its pot for the past few years.
Over the past decade, cryptocurrency has been reinvented and reshaped to no avail. The promise of a new form of money still remains its strongest premise, and digital assets flourish best in a digital environment.
That is something that is still sorely missing in the EU when it comes to digital and crypto assets, which is why it should remain the focus in the short term.is the CEO and founder of BCAS, a European crypto regulatory consultancy firm. He has consulted numerous regulatory entities across multiple jurisdictions on crypto-related matters, including the structuring of novel legal frameworks. He holds in an LL.D. in law from the University of Malta.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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