European Parliament Committee Passes Blockchain Resolution

The European Parliament, Committee on Research, Industry and Energy, passed a blockchain resolution yesterday (May 16th) capturing solid support with 56 in favor and 3 opposed.. The resolution included a section on initial coin offerings.

European Parliament resolution on Distributed ledger technologies and blockchains: building trust with disintermediation

The document notes that blockchain (or DLT) can significantly improve the sectors of the economy “as well as the quality of public services, providing high level transactional experience to the consumers and citizens.”

Additionally, the legislation states;

“Calls on the Commission to explore both the technical standards at ISO and CEN- CENELEC and the legal frameworks that will permit smart-contracts to be legally enforceable across the Digital Single Market and not within the fragmented legal frameworks used in individual Member States.”

Regarding ICOs, the document states:

“Underscores that Initial Coin Offerings (ICOs) have a strong potential in funding innovation and accelerate technology transfer; ICOs are a distinct asset class with strong potential; Calls on the Commission to propose a framework for ICOs”

It will be interesting to see how this document proceeds and what, if any, action is taken by the Commission.



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