Coming EU Elections - Blockchain Industry Promotes Its Merits While Policy Focus Shifts to AI

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Above 370 million eligible voters of the European Union are ready to elect 720 parliamentarians this June, while the focus of the tech policy has shifted to artificial intelligence (AI), the bodies in the blockchain industry are contending to prove the technology is important to digitization efforts of the bloc.

The world's first comprehensive cryptocurrency rules alongside strict anti-money laundering measures for the industry have already been established by the European Union. However, Europe's cryptocurrency industry is preparing for change as the historic Markets in Crypto Assets (MiCA) regulation is expected to undergo amendments, and the political futures of the legislation's two principal architects are in doubt.

The change could mean different things, including the market potentially losing a handful of lawmakers who have information about crypto or a slackening of new policymaking. Even more difficult is figuring out how to position the industry in the emerging artificial intelligence (AI) conversation, which the EU has already begun to regulate.

In order to avoid falling behind in the global competition towards a digital economy, earlier this year, the four leading EU industry groups worked together to pen a policy statement pledging to promote the use of blockchain tech in the bloc.

The hope of the association is that a new and hopefully younger parliament will be convenient to approach than the last - at least where digitization is concerned.

Political parties may not be as important for crypto and blockchain legislation as parliamentarians' ages, according to Robert Kopitsch, secretary general of Blockchain for Europe, one of the four industry associations who worked together to create the manifesto.

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