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Europe’s Blockchain Industry Looks to Scrap Smart Contract Laws That Would Kill DeFi

The European blockchain industry is pushing to prevent laws that could harm smart contracts underpinning decentralized finance (DeFi) protocols. The European Data Act, currently under negotiation, seeks to regulate data shared between smart devices using IoT networks but lacks clarity on regulating smart contracts underpinning DeFi. Advocates of DeFi have asked policymakers to address concerns over spillover of the Data Act to other blockchain developers, potentially killing DeFi. However, sources say European lawmakers are looking to promote the use of smart contracts via the Data Act and are not willing to regulate the technology. The matter will be addressed in a trialogue meeting on May 23.

(By Bhushan Akolkar)

Europe Blockchain DeFi
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