NEM and Ripple Unite to Establish European Blockchain Association

December 06, 2018 | AtoZ MarketsThe four blockchain-based corporations have partnered in forming a new organization titled “Blockchain for Europe” Association. Ripple, NEM Foundation, Emurgo and Fetch. AI. united to ensure that upcoming blockchain technology adjustments will promote and boost this innovation in Europe.

Some words about the new association members

All four founding partners of the blockchain lobbying association include companies, which share common attitude toward blockchain, stating that its globalization is inevitable. Emurgo is an investment corporation, focused on direct investment into start-up ventures, and developing commercial partners who want to use blockchain technology to revolutionize their industries. This blockchain-based corporation is the official commercial and venture arm of the Cardano project. Ripple is a US-based technology company which provides Institutional users with the service, that allows sending money globally using the power of blockchain. NEM Foundation is incorporated in Singapore as a company limited by guarantee with the main purpose to introduce, educate, and promote the use of the NEM blockchain technology platform. Fetch.AI is a “smart ledger” development firm.

Why was the EU Blockchain Association established? 

The organization founders emphasized the main association's purpose is to educate the EU and its member state institutions about the technology’s potential to bring the cryptocurrency policy in Europe to the next level, making it less "fragmented". As the association members stated that current crypto regulations are skewed by “inconsistent” information. The new organization will focus on the current state of affairs and will advocate for future “smart” regulation that will be conducive to innovation and help the continent “shape the global agenda” on the blockchain.

The new lobbying group has already been active

The new Association has already taken some actions. Last month, the new group hosted a Blockchain for Europe Summit at the European Parliament (EP) in Brussels (pictured below). Together with the new blockchain lobbying association, the summit was attended by The European People's Party group (EPP),The Alliance of Liberals and Democrats for Europe (ALDE), European Conservatives and Reformists (ECR), and The Progressive Alliance of Socialists and Democrats (S&D). During the meeting session issues such as governance, healthcare, and trade were discussed along with how the distributed ledger technology could be integrated into them. The summit pointed on the common benefits of the new technology for blockchain based companies and policy-makers when they cooperate and work together. Earlier this year, the European Union announced plans on holding an informal meeting. During the aforementioned session will be discussed possibility of tightening regulations of the blockchain technology due to fears of possible cryptocurrency usage for terrorist financing and tax evasion purposes.

Will Europe become the blockchain heaven?

The founding partners of the new association believe in Europe becoming the global front runner in blockchain technology. Dan Morgan, Ripple’s Head of regulatory relations in Europe stated in the press release, that the new association founders" aim to provide insights which are not tailored to the agenda of specific organizations or stakeholders. "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,” Morgan added. Kristof Van de Reck, the co-founder of NEM Foundation, pointed on the biased information circulating on various media about blockchain. “There is a lack of unbiased information especially when it comes to the open and decentralized application of the technology,” Van de Reck noted in the release. Manmeet Singh, the CIO of EMURGO, said, that he believes that "the initiative will drive the adoption of ADA and Cardano Blockchain through liaising with the EU government in drafting Blockchain-friendly rules." Will the founders keep the common vision of the cryptocurrency and turn Europe into blockchain heaven? Only time will tell.

Think we missed something? Let us know in the comments section below. 

Share Your Opinion, Write a Comment