MEP Member Speech at Malta Blockchain Summit Claims Decentralization “Provides More Security”
During the Malta Blockchain Summit today, Roberta Metsola spoke on the positive position that the European Parliament holds for blockchain technology. Metsola, a member of the European Parliament (MEP) and a Maltese Politician believes that blockchain’s ability to provide to offer decentralization “provides more security.” The summit took place on November 2nd.
Metsola expressed that the MEP is absolutely concerned with addressing the issues happening in the industry. Many of the members of the MEP are seeking to get adoption started at a rapid pace, taking it from a “vision” to a “reality.” She believes that the authorities have an urgency to show that distributed ledger technology (DLT) is actually capable of offering that added security.
Everything about blockchain technology is “essentially about increasing trust.” The decentralized quality of this type of ledger basically gives consumers greater peace in their transactions, giving them faith in the system that no single entity controls.
The goal of Metsola’s speech was to encourage the EP to have a gentle hand in establishing the “right type of regulation.” More specifically, the industry in their region is going to require “specific legislation” to be adopted “at the right time.” So far, the first step is to will be to ensure that the ecosystem has enough flexibility to be welcoming to the technology.
On that note, Metsola brought up Malta’s recent legislations for cryptocurrency and blockchain, commenting that it is a “good step forward.” Even so, the government has a responsibility to “remain adaptable and on our toes.”
CoinTelegraph released a report last month on the European Union countries that are getting more involved in blockchain technology. The efforts are being run by a self-coordinated group called the European Blockchain Partnership. To watch the fintech and cryptocurrency industry, the European Securities and Markets Authority (ESMA) started an investigation with a 1-million-euro budget which will hopefully help with the creation of universal regulation and market oversight in the EU financial markets.