21Shares, a crypto exchange-traded products (ETPs) service provider, released the 11th version of its “State of Crypto” report on January 28, 2024, stated Cointelegraph. The report is expected to impact of forthcoming regulatory changes and their impact on local crypto scenes, among other insights.
Sources revealed that crypto is “alive and thriving”. However, there is an increasing “jurisdictional competition” in a global race to secure talent in the industry and create hubs.
“Things aren’t looking so clear for the European Union. While Markets in Crypto Assets Regulation (MiCA) may help centralised service providers engage in business operations more efficiently, the Data Act’s clause to shut off smart contracts may drive away blockchain developers,” Cointelegraph explained.
On 22, 2023, the EU published its Data Act, a piece of legislation that aims to “facilitate and promote” the exchange and use of data within the European Economic Area. Furthermore, the law has a clause to cut off smart contracts, Cointelegraph concluded.
(With insights from Cointelegraph)