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Ripple, NEM and others Launch EU Blockchain Association

Last Updated March 4, 2021 3:13 PM
Jimmy Aki
Last Updated March 4, 2021 3:13 PM

Ripple and three other blockchain based companies have formed a lobbying association that would represent their interest in Europe, according to their press release . Dubbed ‘Blockchain for Europe,’ the lobbying group would aim to create a credible and unified voice for the industry in Europe.

The members of the new blockchain lobbying group are Ripple, NEM, Fetch.AI, EMURGO/Cardano, who share a common vision of growing Europe into a trailblazer, where blockchain technology is concerned. To do this, the association would be looking at helping Europe create a “smart regulation to shape the global agenda on the blockchain.”

“The association’s goals are to foster the understanding within EU- and member state institutions on the true nature and potential of the distributed ledger (DLT) and blockchain technology, and to ensure that upcoming regulation promotes and boosts innovation in Europe,” the press release reads.

The association has already begun making meaningful decisions. Last month, it hosted the Blockchain for Europe Summit, where issues such as governance, healthcare, and trade were discussed along with how the distributed ledger technology could be integrated into them.

“There is a lack of unbiased information especially when it comes to the open and decentralized [sic] application of the technology,” NEM co-founder Kristof Van de Reck noted in the release.

The summit, which had four of the largest European Parliament groups in attendance, highlighted the benefits of the nascent technology to both blockchain based companies and policy-makers when they cooperate and work together.

“We aim to provide insights which are not tailored to the agenda of specific organizations or stakeholders. Ripple is delighted to be a founding member of Blockchain for Europe. This is a critical time for policymakers in Europe as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology,” Dan Morgan, Head of Regulatory Relations,  Ripple Europe, explained in the press release.

As with the rest of the world, the regulatory framework has been fragmented all across Europe, but the inconsistent information being churned out by politicians have been consistent overboard. Earlier this year, the European Union  said it would hold an informal meeting and possibly tighten regulations on fears that cryptocurrency could be used for terrorist financing and tax evasion purposes.

Featured image from Shutterstock.