2023-06-28 09:01:52
European Union legislative negotiators have agreed on new rules known as the Data Act. It is not yet known whether this is good news, especially following the fact that the Web3 community was quite afraid that the law’s rules on smart contracts might cause serious damage to the sector. Originally, the plans were quite vague and, according to some interpretations, might have completely killed decentralized transactions governed by immutable code. The Data Act will probably cause a serious headache in the world of decentralized finance. On behalf of the European Commission, Thierry Breton confirmed the fact of the agreement in a tweet a few hours ago. As he put it, the new regulation completely transforms the digital space and “creates a flourishing data sector operating on our terms”. Although there is no information yet on the wording finalized during the negotiations, several people from the negotiators made statements to several platforms. Damian Boeselager said that the text no longer talks regarding smart contracts in general, but specifically focuses on contract parameters in the context of data sharing. This would be a significant improvement compared to the 2022 proposal. It was also mentioned that automatic programs related to data exchange must have a “connector” that allows the connection to be closed. It would be nice to see the text, of course, because according to another source, the finalized version still refers to smart contracts and not to alternative programs such as digital contracts. Of course, the Commission kept saying that the new law will not harm smart contracts. Plus, the requirements don’t have to be a problem in everyday use. Not so long ago, an open letter signed by several blockchain-related organizations was sent, according to which the Data Act conflicts with the recently adopted MiCA regulation. Among the signatories were Stellar, Polygon, NEAR and Cardano. MiCA will enter into force in 2024 and this will give crypto exchanges and wallet service providers the right to operate in the EU. However, it does not provide for the regulation of decentralized finance, which the Commission wants to return to within a few years. For the Data Act to enter into force, the European Parliament and the Council will also need to approve the package of proposals.
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