🏆 How Can The EU Win Web3? Our 4 Proposals
Ledger sent this email to their subscribers on April 29, 2022.
29/04/2022
You can now securely buy, send and receive Celo (CELO) on your Ledger Live desktop and mobile. You can also buy CELO with our partner MoonPay in the âBuyâ tab of your Ledger Live app* and manage your Celo from your Ledger Live mobile version. More info here. The World's Most Popular Wallet Just Got Better. Binanceâs holding company location âto be announced soon.â Twitterâs decentralized project allegedly unaffected by Muskâs purchase. A report anticipates skyrocketing growth for NFTs. Fidelity will soon offer Bitcoin savings. Bitcoin is now legal tender in the Central African Republic. Goldman Sachs explores NFTs and tokenization. "We are exploring NFTs in the context of financial instruments, and there the power is quite powerful. So we work on a number of things," Mathew McDermott, global head of digital assets at Goldman Sachs, said. Wanna share our Biiiiiites with a friend ?
How Can The EU Win Web3?
This week, we released a comprehensive policy proposal entitled which would enable the EU to seize Web3 and avoid past regulatory mistakes.
Why is the EUâs Transfer of Funds Regulation (TFR) unjustified?
Our policy paper brings together key arguments highlighting the current TFR flaws.
Chief among them is that money laundering is a problem, but itâs not a crypto problem. Money laundering through crypto only is a tiny fraction of the illicit volume moved through the financial system. Besides, blockchain is an effective crime fighting tool that Europe could give up if the law passes. Money launderers vastly prefer banks and government-issued money over blockchain and crypto.
Another risk is that the TFR would irreparably cede leadership of Web3 economies to the US, UK and Asia, and make Europe uncompetitive. Europe is in a precarious position. The US and China account for 76 of the worldâs 100 most valuable firms. In 2000, Europe had 41 of the top 100 companies, down to just 15 today.
How Europe can win Web3: 4 recommendations for policymakers
The four proposals that follow are the immediate first steps the government should take to seize the Web3 opportunity before it is irretrievably lost:
Never exceed the Financial Action Task Forceâs recommendations. FATF recommends that transfers of more than â¬1,000 be accompanied by identifying information of the sender and recipient, a vast competitive advantage for other regions of the world.
Redesign the TFR to make better use of blockchain analytics. Instead of burying EU law enforcement agencies under mountains of useless TFR transaction reports, law enforcement should be equipped with and receive training on blockchain analytics tools.
Start over on the Markets in Crypto Assets (MiCA) regulation with an emphasis on enhancing EU competitiveness and with healthy input from technical experts.
Invest in public/private partnerships to develop and be first-to-market with a self-sovereign identity solution for Europe. The current system of centralized identification credentialing and processing is prone to exploits and vulnerabilities. Rather than concentrating data and power in ineffective government AML authorities, the EU should instead seek to empower individuals.
Regulation is often the easiest answer, but the rewards of a truly free and open society are manifold and too great to ignore. We just partnered with NFTevening to educate everybody on NFT Security. The partnership will cater primarily to less experienced users coming into the NFT space.
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