ZK proofs to be embedded in EU law! The European Parliament has officially included use of zero-knowledge proofs in its negotiation positions for the trilogues with the Council on the regulation of digital identity & related 🇪🇺 apps #privacy #digitalidentity #ZeroKnowledgeProofs Image
Unless the Council firmly objects, zero-knowledge proofs will be in EU law on digital identity & future EU apps, giving individuals greater control over their personal data, increasing trust in digital transactions, & facilitating cross-border interoperability of EU eID solutions
Zero-knowledge proofs allow the validation of a given statement based on electronic attestation of attributes held in a user's digital identity wallet without revealing any data related to those attributes to the relying party. #cryptography #digitalprivacy
This EP position would require the development of interoperable and standardized interfaces and protocols for zero-knowledge proofs, enhancing the usability, accessibility, and security of digital identity solutions in the EU. #interoperability
The proposal also promotes the adoption of privacy-enhancing technologies in the EU, contributing to the development of a more secure and privacy-respecting digital environment. #digitaltrust #privacybydesign @JerkovicRomana
The European Digital Identity Wallets will provide common interface protocols and interfaces for zero-knowledge proof inferred from person identification data or electronic attestation of attributes. #eID #digitalidentity #privacyenhancingtechnologies @vonpecka
The proposal would facilitate the emergence of new business models and opportunities in the digital economy, as companies develop innovative products and services that rely on zero-knowledge proofs and eID solutions. #digitalinnovation @AlinMituta
The European Digital Identity Wallet should allow for verification of claims inferred from personal data identification or attestation of attributes without having to provide the source data, preserving the privacy of the user. #digitalprivacy #privacyrespecting
The EU's decision to incorporate zero-knowledge proofs into its laws for digital identity could also have significant implications for the use of ZKP in blockchain and crypto. #blockchain #cryptocurrency #digitalidentity #privacyenhancingtechnologies

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More from @europe4crypto

Feb 13
Stablecoins are not securities in the EU 🇪🇺 🇺🇸. The EU has established clear regulations in its law on Markets in Crypto Assets (MiCA) which classify payment stablecoins as electronic money on open, public blockchains. #PaymentStablecoins #MiCA
The EU's regulations on payment stablecoins simply stop the discussion of stablecoins being securities before it gets started. Payment stablecoins are explicitly defined as electronic money, providing clarity and certainty for both issuers and users. #NotASecurity
The EU's regulations on E-Money Tokens ensure that payment stablecoins are subject to similar rules as traditional electronic money, such as consumer protection and anti-money laundering measures. #ConsumerProtection #AML
Read 7 tweets
Feb 11
Don't panic, US crypto community! The EU's got your back with laws that protect crypto companies, Defi, & Web3. While the US may try to debank, de-stake & reduce use of public blockchains, the EU's legal framework provides a safe haven for crypto in 27 jurisdictions. #crypto
De-banking crypto companies in the US? Not so fast! In the EU, we have a rule-based legal framework that limits the power of regulators. EU laws for fintech, payment institutions, and e-money licenses ensure that crypto companies will always have access to on/off ramps
EU laws such as the Payment Services Directive (PSD2) and the Electronic Money Directive (EMD) provide specific protections for fintech and crypto companies, ensuring that they can operate freely and provide services to users without fear of being shut down by regulators
Read 9 tweets
Feb 10
French Governor of the Central Bank 🇫🇷, Mr Francois Villeroy de Galhau, highlights the need for stablecoin regulation to counter off-shore issuers that harm trust, uptake, investors and consumers 👏
After recent failures & crimes in the digital asset industry, it's time to regulate #stablecoins in all western jurisdictions, according to Mr Villeroy de Galhau. No more waiting for the "crypto winter" to solve problems! 🤝
All jurisdictions agree to regulate #crypto under a common FSB umbrella, but it's time to take action says the French Governor. Europe has already regulated, and the UK is on its way with proposed rules to bring crypto under financial services regulation. 👌
Read 5 tweets
Apr 1, 2022
Day 1 after EU Crypto Catastrophe:
A post-mortem & How to win the war!

Yesterdays battle for EU crypto, for privacy, for Web3 & for DEFI was lost.

It left big & bleeding wound. Few won, only winner was FUD

Future of EU crypto will be determined by what we do now...

A 🧵
The spill-over from this EU crypto crisis on other jurisdictions will harm all. We needs to stand together.

Save Web3, Defi, DAOs, Metaverse & everything crypto by countering this sneak-attack on privacy & freedom to transact

Let’s quickly look at status quo & what happened:
The Positive:

😀 Huge progress in support among politicians in last 72 hours. Rare to see something like this. CT succeeded!

😀 Crypto giants #Coinbase, #Gemini & #Ledger stood up & raised our key concerns.

😀 EU crypto networks entered CT dog-fights towards the end
Read 15 tweets

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