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Luxembourg Competition Authority Launches First-Ever Market Study into Blockchain Technology

The competition authority of Luxembourg has announced that it will conduct a market study on blockchain technology, which could be the first of its kind to examine the economics of Web3. The government of the European Union member, which is a significant financial center, believes that the technology behind cryptocurrencies is essential to the digital and environmental transition.

The Autorité de la concurrence stated that it is crucial to ensure that Web3 actors can operate in an effective and competitive market. The study will investigate how newer blockchain-based companies compete with existing Web2 internet companies and document potential anti-competitive practices against Web3 projects. Thibaut Schrepel, an associate professor at the University of Amsterdam, who will assist with the investigation as an external expert, believes that it may be the first market study conducted by a regulatory agency to protect Web3 rather than attack it.

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