The new report on the state of the blockchain industry in Europe – The Cryptonomist | Jewelry Dukan

The EU Blockchain Observatory and Forum (EUBOF) just released a detailed updated report on it current state of the blockchain ecosystem in Europe.

The first version of the report was published in 2020. The updated study adds new countries and reports on new developments related to blockchain and cryptocurrency across Europe over the last 2 years.

Updates on the development of blockchain technology in Europe

A new detailed report on the state of the blockchain industry in different countries of Europe has just been published by EUBOF, the European Blockchain Observatory. The EUBOF aims to accelerate blockchain innovation and the development of the blockchain ecosystem within the EU, thereby helping to cement Europe’s position as a global leader in this innovative new technology.

The Institute For the Future (IFF) at the University of Nicosia and Netcompany-Intrasoft led the scientific team that produced this interesting and very detailed report, which included, in addition to the EUBOF partners, key contributors and interviewees such as: Vice President of the European Parliament, MEP Eva Kaili.

The report analyzes the advances both from a regulatory and normative point of view, as well as from the perspective of adoption and technology applied to blockchain in Europe in recent months. The report looks at all 27 countries that are part of the European Unionplus Great Britain, Liechtenstein, Switzerland and Norway.

A fact sheet is provided for each of these countries, analyzing all the data found at the level of regulatory and technological development for each country, which then culminates in an assessment of the regulatory and ecosystem maturity level for all countries as a whole. According to the report, Cyprus, France, Malta, Estonia, Switzerland and the UK are leaders in Europe, combining mature business ecosystems with clear regulatory frameworks.

The results of the report

The long report reads:

“A total of six countries were found to be improving either their ecosystem maturity levels (Belgium, Slovakia, Finland, France) or their regulatory environment (Bulgaria, UK), with the UK and France joining the top tier of Europe’s leading blockchain nations , to join Cyprus, Estonia, Malta and Switzerland.”

Italy would occupy an absolute intermediate position among the most developed countries, both in terms of regulation and technological adoption.

The report then continues:

“Italy has a number of state-sponsored pilot initiatives aimed at testing blockchain applications in government, as well as a large number of private pilots, mainly from financial institutions, while football fan tokens are on the rise, contributing significantly to blockchain adoption Country. The country was one of the first in the world to recognize the legal validity and enforceability of smart contracts in 2019.”

professor George Giaglisthe IFF Executive Director responsible for the report said:

“We are proud to have worked with the European Commission and our partners at the EU Blockchain Observatory to publish an updated version of our flagship report on the state of Europe’s blockchain ecosystem. We conducted dozens of expert interviews in all European countries and collected data on regulatory initiatives, the status of the entrepreneurial ecosystem, educational initiatives and communities of practice in each country. The result represents, in our opinion, the most thorough and up-to-date analysis of the state of the European blockchain ecosystem to date.”

From a regulatory point of view, the report points to the major step forward that the European Parliament took in March with the final approval of the law micathe first regulation for the cryptocurrency world within the European Union, which is not expected to come fully into force until the end of 2023. In addition to the MiCA proposal, the report explains how a proposal was also made on the digital finance package in general. which also includes a proposal for a pilot program on DLT market infrastructures, a proposal on digital operational resilience and a proposal to clarify or amend certain EU rules related to financial services.

The report concludes:

“The Commission recognizes the potential of decentralized finance (DeFi) and related innovations to streamline the financial sector and offer efficient, robust and transparent services.”

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