Consistent with the approach advocated by CFTC commissioner Giancarlo, the EU has elected to watch and wait before delving to far into blockchain or seeking to regulate it.
The European Union should hold off for now from regulating blockchain, the technology that underpins bitcoin, an EU parliamentary committee agreed on Tuesday. "One reason why regulating now in detail would be difficult is that we don't know yet what the most important use of blockchain might be," von Weizsaecker said. His report is non-binding but it will help to shape likely draft EU legislation later on. It asks the European Commission to set up a task force to monitor blockchain. But SWIFT, the global electronic messaging system used by 11,000 banks, said this month that blockchain was not mature enough to fulfill the requirements of the financial community. Vincent Mercer, a consultant at Charles Russell Speechlys, said there was a significant risk that regulators will upset blockchain's potential by regulating too fast and without coordination.