European Commission will regulate smart contracts at the legislative level
This is about the need to block compromised contracts
28.02.2022 - 08:45
309
1 min
0
What’s new? The European Commission (EC) has introduced points to the bill of the “EU Data Protection Act” dealing with the security of smart contracts. This is stated in a press release published on the website of the regulator. This decision was made against the background of hacking of smart contracts platforms. The EC, among other things, requires operators of applications that use smart contracts to provide a stopping mechanism when creating them.
What does the bill say? The authors of the document put forward requirements for the developers of smart contracts that set new standards for their use in data-sharing and security applications. These rules may become the main part of the regulations for smart contracts, the EC notes.
What had happened before? In September, the EC announced that it was going to launch a regulatory sandbox in the near future, where companies could test smart contracts and blockchain-based products. At that time, the regulator stated that together with the improvement of regulatory norms, this would help to develop better financial products.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$99 052
BTC
+1.24%
-
Ethereum
$3 386.89
ETH
+8.14%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.39
XRP
+24.42%
-
Dogecoin
$0.396148
DOGE
+2.08%
-
Cardano
$0.884147
ADA
+12.01%
-
Bitcoin Cash
$496.89
BCH
-3.26%
-
Polkadot
$6.22
DOT
+8.64%
-
Stellar XLM
$0.283398
XLM
+18.19%
-
Litecoin
$90.54
LTC
+4.08%