the Deputy of European Parliament from Lithuania, called for an easing of regulation of the blockchain

On 3 October, the European Parliament voted to adopt the next resolution on the technology of distributed registry (DLT) and the blockchain. All members of the European Parliament supported the resolution, which says about positive attitude of politicians to new technologies and its application in the interests of the European Union. Antanas Guoga, member of the European Parliament from Lithuania, said that EU countries need to elect a different strategy of regulating blockchain technology and to abandon the introduction of obstacles to the development of DLT.


“The adoption of a resolution aimed at the adoption of the DLT suggests that in Europe there is a positive trend in the blockchain. Members of the European Parliament, expressed his opinion by adopting a resolution. The resolution sends us a clear message: the technology of the blockchain is a new technology that can benefit Europe in many areas by increasing the efficiency and transparency of various processes, for example, in the field of supply chain management, energy and utilities, financial services, etc. However, the technology is still in its early stages of formation, therefore, we, as decision makers, must be open to the introduction and study of the potential of blockchain. We don’t want to create unnecessary regulatory barriers that may limit the development of the blockchain,” said Antanas Guoga, member of the European Parliament and member of the European people’s party of Lithuania, which is a big enthusiast of all innovation and especially the blockchain technology.

The resolution calls for a progressive and innovation-friendly regulation.

“The blockchain can have a strong positive effect on governance, and all types of business. Financial services are only one of the applications of the blockchain,” said MEP Eva Kaili, the author of the resolution.

The resolution considered the implications of technologies that can lead to a reduction in the number of intermediaries in sectors such as energy, health, education, the creative industries, as well as in the public sector. Members of the European Parliament say that they have a strong entrepreneurial interest in the blockchain and should ensure that efforts aimed at the adoption of the technology will be taken into account when drawing up the future institutional and regulatory guidelines to regulate the blockchain.

Previously, we reported that the Committee of the European Parliament has drafted a law on crowdfunding and formulated new rules of functioning of the growing market ICO. According to this law, the ICO EU projects “must obtain special permission to conduct a crowdfunding campaign with the help of certain cryptocurrencies”.

Recall that the members of the European Parliament at its plenary meeting on September 18 approved a resolution to exclude Russia from the SWIFT system. Such resolutions are not binding, the final decision could only be taken by the European Commission.

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