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Say hello to Europeum. The EU’s blockchain project will affect ‘the daily lives’ of citizens, officials vow

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On Tuesday, the European Union established a new organization aimed at introducing blockchain infrastructure to revamp record-keeping and data transfer among the bloc’s 27 member states. This initiative is part of Europe’s effort to reduce dependence on US technology.

Key Launch Details

The announcement was made during a meeting of telecommunications ministers at the European Council in Brussels, where lawmakers also approved the EU’s landmark law on artificial intelligence. Mathieu Michel, Belgium’s state secretary for digitalization, has been a key advocate for the blockchain project, which he has named Europeum.

Impact on Citizens and Businesses

Michel emphasized that Europeum will significantly impact both individuals and businesses across Europe. “Europeum will have a tangible presence in the daily lives of European citizens,” he stated during a press conference. The blockchain infrastructure will allow citizens to trace the origins of products and enable businesses to protect their intellectual property by maintaining data on immutable blockchain networks.

Participation and Support

Ten European member states, including Italy, Poland, and Greece, have committed to helping operate and roll out the EU blockchain. Other European countries will also be able to use the blockchain infrastructure, with more nations expected to join. While Germany and France have not officially committed, France has shown support for the project.

Sovereignty and Digital Independence

Michel highlighted the importance of creating a sovereign infrastructure, rather than relying on services like Amazon Web Services. Europeum aims to record digital identities, wallets, credentials, and licenses, and Michel hopes it will translate legal and bureaucratic processes into efficiently automated smart contracts. The blockchain will also support metaverse applications and the European Central Bank’s digital euro.

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Development and Implementation

The blockchain infrastructure has been under construction since 2017, under the European Blockchain and Services Infrastructure. Developers and companies have created a prototype that is already functional. The European Commission, however, lacks the legal basis to operate a blockchain for European citizens, which is why the project has been in pilot mode.

European Digital Infrastructure Consortium

To move forward, the project has been transformed into the European Digital Infrastructure Consortium, a multinational initiative supported by the European Commission. This consortium is part of Europe’s Digital Decade Policy Programme 2030, which has €165 billion to support its objectives.

Future Prospects

Michel underscored the importance of data security in cross-border exchanges. “People don’t need to be happy that Europeum exists,” he said. “They just need to know that if the data is exchanged between nations, administration, or companies, it is safe to use.”

The launch of Europeum represents a significant step towards enhancing Europe’s technological sovereignty, aiming to provide a secure, interoperable, and efficient digital infrastructure for its 450 million inhabitants.

Source: dlnews.com

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Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Blockchain

Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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