As the European Union’s Market in Crypto-Assets (MiCA) legislation edges closer to becoming law, politicians in the region, led by Belgium, are moving a step further: creating a proprietary blockchain.

Europeum tailor-made digital network, according to information shared with Coindesk by the Belgium digital minister, Mathieu Michel, would enable capturing property ownership data, driving licenses, or professional documents in a regulatory-compliant manner.

Cryptocurrency projects, mainly in the financial space, have lately witnessed fraud and exit scams, or rug pulls, besides the high-profile collapse of significant projects, which caused investors heavy losses. According to Michel, a shift into public services and supply-chain management could reduce such cases.