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European Union finalizes controversial smart contract regulations under Data Act

European Union (EU) lawmakers reached an agreement agreement advancing the controversial European Data Law, which has received criticism from the crypto community in the past. The deal was endorsed in a tweet by Thierry Breton, European Commissioner for internal markets. “Milestone in reshaping the digital space”.

Another deal!
Tonight’s text on #DataAct marks a milestone in the reorganization of the digital space.

Thanks to the rapid work of EP @delcastillop and the Presidency of the Council, we are moving towards a thriving data economy that is innovative and open on our own terms.

There is the European Parliament Passed the Data Act on March 14, While negotiations on the final version of the bill are still ongoing among EU lawmakers,. The law focuses on fair use of industrial data and removing barriers to the fair sharing of data generated by a range of services focused on it, such as the Internet of Things.
European Parliament, this law It has encouraged greater use of data resources for algorithm training, which will ultimately lead to lower service costs.. However, the law has drawn heavy criticism from the crypto community for its propositions about smart contracts and their generality.
The law includes provisions to impose change requirements for smart contracts, including kill switches that allow them to be terminated securely. The law establishes smart contract rules for parties providing shareable data, including “secure termination and interruption,” and establishes security measures to protect trade secrets and prevent illegal data transfers.
Many cryptocurrency advocates believe that the new EU legislation will force smart contract developers to design reset possibilities that would allow transactions to stall or stop. It can limiting or complicating compliance with smart contracts in the cryptocurrency industry.
Martin Hiesboeck, head of research at Uphold, highlighted Previously, smart contracts were one step closer to re-entering EU regulation as part of a broader strategy for data markets.
Cointelegraph asked Breton to comment on the smart contract controversy, but did not receive any response by the time of publication.

Translation of Walter Rizzo

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