Binance, a leading crypto exchange, announced on September 3, 2020, that it would join Blockchain for Europe, a continental association. The association represents the international participants in the blockchain sector in the EU.
Binance also revealed that Teana Baker Taylor, the UK Director of Binance, had been appointed to the association’s board. The global exchange will now work alongside Ripple, Block.one, Fetch.ai, and Blockseed Ventures. Blockchain for Europe advocated for fair regulation of the blockchain sector in Europe. Besides that, it works to educate and support policymakers in Europe as they work to evaluate the potential that the blockchain holds.
What the Leaders Had to Say
While commenting on the issue, Baker-Taylor said that as a leader in the crypto asset sector, Binance was committed to working with policymakers to ensure the creation of effective and informed regulatory frameworks. She added that the regulation should be geared toward helping the blockchain sector grow. On joining Blockchain for Europe, Baker-Taylor said they were delighted to work with some of the leading companies in the sector in blockchain advocacy in Europe.
Maria Minaricova, the Chairwoman of Blockchain for Europe had equally positive sentiments. She said that the association was happy to welcome the global exchange to their team. Minaricova said that the association would continue supporting regulators in Europe to unlock the potential of the blockchain. By doing so, it would ensure that Europe would remain at the fore of technological innovation, which will shape the future.
Robert Kopitsch, the Secretary-General of the association said that welcoming Binance to the team was a major step in their mission to highlight the opportunities that blockchain holds in Europe. He said that they were looking to incorporate the experience and expertise the exchange had gained over the years. Kopitsch concluded by saying they would remain committed to ensuring a regulatory framework that was innovation and business-friendly. By doing so, it would ensure European citizens and companies could realize the benefits of the blockchain.
The Current Focus of the Association
Members of Blockchain for Europe are currently working on responses to the EU Action plan on the call for public consultation on AML rules and the consultation on Smart Contracts under the Digital Service Act (DSA). Additionally, they are contributing to discussions on the EU Framework for Markets in Crypto-assets proposal, which resulted from consultations held in December 2019.
Advocacy on Blockchain and Crypto Regulation
The crypto and blockchain industry is about a decade old. However, in the past few years, regulators have begun paying special attention to the industry. Interest rose towards the end of 2017 when the price of BTC rose to around $20,000 per coin.
Many regulators created harsh laws that outlawed crypto or made it difficult for companies in the crypto and blockchain sector to continue operating. However, various players in the crypto sector are beginning to realize that working with regulators could help to achieve a positive outcome. As a result, an association such as Blockchain for Europe is important to ensure that the development of the sector is not stifled.
Image Source: Binance