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On July 11, the European Fee formally adopted its new technique on Web4 and digital worlds with the purpose of making certain “an open, safe, reliable, honest and inclusive digital surroundings” for European Union residents. The technique relies on 4 predominant pillars, revolving across the empowerment of human sources, assist of companies, additional improvement of public providers, and shaping of worldwide requirements for “Internet 4.0” — a freshly coined time period that makes an attempt to preempt the following technological wave.
Whereas it’s commendable that the European Fee is proactively strategizing for the EU to take the lead on Internet 4.0, or Web4, and digital worlds, we shouldn’t neglect the truth that for all of the fanfare of Web3 and the traits that accompanied it, notable credit score and monetary establishments have up to now solely firmly and primarily positioned their confidence in (BTC) and, to a lesser extent, .
Jonathan Galea is the CEO and founding father of BCAS, a European crypto regulatory consultancy agency. He has consulted quite a few regulatory entities throughout a number of jurisdictions on crypto-related issues, together with the structuring of novel authorized frameworks. He holds in an LL.D. in legislation from the College of Malta.
Matteo Vena is the chief technique officer at BCAS, a crypto-focused regulatory consultancy agency primarily based in Europe. His space of focus is enterprise and advertising technique within the Bitcoin and digital property trade. He labored beforehand because the managing director for Cointelegraph Italy and because the head of content material for Blockchain Week Rome.
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