European Union (EU) legislators have decided to continue forward with the contentious European Data Act, which has in the past attracted criticism from the crypto community. Thierry Breton, the EU’s commissioner for internal financial markets, tweeted confirmation of the agreement and referred to it as a “milestone in redefining the digital domain.”
The Data Act was originally suggested early in 2022, and on March 14, the European Parliament approved it.
The Act was approved by the European Parliament on March 14, although discussions among EU legislators continue on the final text of the legislation. The fair use of industrial data and the removal of obstacles to the equitable exchange of data produced by a variety of information-centered services, such as the Internet of Things, are the main objectives of the act.
According to the European Parliament, this law would promote increased use of data resources for algorithm training, which would eventually result in cheaper service costs. The act, however,received harsh criticism from the cryptocurrency community owing to the suggestions surrounding smart contracts and their ambiguity.
A number of supporters of cryptocurrencies think that the new EU regulations would compel the creation of reset options in smart contracts, allowing for the end or suspension of transactions. This could limit development or make it challenging for cryptocurrency sector smart contracts to meet regulations.