With cryptocurrency regulation in the background, the European Union is considering engaging Web 3 businesses as the next step. This could be the start of a separate Europeum blockchain.
This was stated by Belgium's Minister of Digital Technologies, Mathieu Michel.
According to the minister, the new blockchain will be used to register driver's licenses, copyrights, property rights, and other regulatory documents in accordance with the EU's stringent requirements.
Cryptotechnologies' scope extends far beyond purely financial technologies and includes the public service industries.
The EU's main policy on the crypto asset market is outlined in the Markets in Crypto Assets (MiCA) regulation, which defines the rules and regulations for cryptocurrency market representatives and crypto service providers.
The adoption of this provision in April could propel the currency bloc to the top of the global rankings as an organization with a well-defined cryptostructure. According to Mathieu Michel, Europe has decided to lead the world in the field of blockchain.
"MiCA is on the right track, but this is only the beginning of the journey," Michel says.
"Europeum may be the first blockchain that meets a number of EU privacy requirements while also being very transparent in its structure," the digital technologies minister said.
Instead of becoming a "political minefield," the crypto market can expand into areas less vulnerable to scams and fraud, such as the digitization of administrative documents.