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European Union. Resolution of European Parliament on distributed ledger technologies and blockchain

On 3 October 2018, the European Parliament issued a resolution recognizing distributed ledger technologies (DLT) and blockchain, as well as sectors in which they can be used along with inherent risks.
In accordance with European Parliament`s resolutions dated May 26, 2016 on virtual currencies and April 28, 2017 on “FinTech: the influence of technology on the future of the financial sector”, the European Parliament highlights the advantages of DLT and the blockchain as a means of empowering citizens by providing them with autonomous control over their own data; increased trust and transparency, which provides a systematic way to improve key sectors of the economy. In its decision, the European Parliament provides important guidance to the competent regulatory authorities in the Member States, arguing that their approach to the DLT should be conducive to innovation, with a structure that provides legal certainty, allowing them to passport and comply with the principles of technological neutrality and business-model neutrality, at the same time contributing to the protection of investors and consumers. The European Parliament seeks to reduce intermediary costs in a transparent environment, while allowing for an equal exchange of values.
The European Parliament underlines that creating DLT ecosystem will inevitably entail self-sovereignty and trust between users who can control what personal data they want to share.
The use of DLT must comply with EU data protection legislation and, importantly, the General Data Protection Regulations (GDPR).
The resolution outlines proposed policies for the introduction of DLT technologies in various European sectors in accordance with the recent European Parliament Fintech Action Plan; and emphasizes the opportunity for the EU to become a world leader in the DLT.
Source: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&reference=P8-TA-2018-0373&language=EN&ring=B8-2018-0397
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