1/ In the ever-evolving world of emerging technologies, #SafeHarbor provisions serve a vital role in striking a balance between fostering innovation and providing legal protection for businesses operating in uncertain legal environments 🧵

#CryptoRegulation #EU Image
2/ By complying with specific rules or standards, entities can benefit from legal protection, allowing them to focus on promoting innovation in their respective industries.
3/ For instance, the #US Digital Millennium Copyright Act and the European e-Commerce Directive both provide safe harbor provisions aimed at protecting internet service providers from liability for third-party content.
4/ While these provisions differ in their focus and requirements, they ultimately share the common goal of shielding businesses from liability while promoting the growth of emerging technologies.
5/ Another example of safe harbor provisions in action is the now-defunct EU-US Safe Harbor Agreement, which facilitated personal data transfers between the #EU 🇪🇺 and the #US 🇺🇸
6/ Although invalidated by the European Court of Justice due to concerns over inadequate data protection, the agreement highlights the potential for safe harbor provisions to provide legal certainty and predictability in cross-border data transfers.
7/ As we continue to explore the complex landscape of technology regulation, stay tuned for more insights into how safe harbor provisions can contribute to the development of emerging technologies while ensuring legal protection and compliance.

#DataProtection #Regulation

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with European Crypto Initiative

European Crypto Initiative Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @EuCInitiative

Jun 16
#EUCI, with other 5 organisations and 55 signatories, has written an open letter addressing concerns regarding the #DataAct.

We call on lawmakers to reconsider and clarify certain aspects of it, to ensure neutrality and legal certainty in the #blockchain industry. Image
🟣 Article 2(16)

The current definition of 'Smart Contracts' is broad, and we fear it may lead to unintended consequences for existing #SmartContracts on public #blockchains, such as Ethereum, Avalanche, Cardano, Cosmos, IOTA, NEAR, Chromia, and Polkadot. Image
We propose three alternative solutions to bring more legal clarity:

substituting 'Smart Contract' with 'Digital Contract', clarifying the scope of Article 30, or limiting Article 2(16) to privately operated and permissioned electronic data records.
Read 8 tweets
Jun 15
1/ Are you curious about how regulators can foster innovation in industries like #blockchain and #cryptocurrency while ensuring compliance? Enter the world of regulatory sandboxes 🧵 Image
2/ Regulatory Sandboxes are an approach that empowers businesses to test their innovative products and services in real-world settings while being closely monitored by regulatory authorities.
3/ Unlike traditional regulation, regulatory sandboxes create an environment where regulators collaborate with innovators, ensuring that new ideas and business models adhere to #compliance requirements.
Read 7 tweets
Jun 15
The European Systemic Risk Board (#ESRB) has released a report diving into EU non-bank financial intermediation risk monitoring from June to December 2022 and the risks that could impact non-bank actors in the #crypto industry. We've read it for you👇

#CryptoRegulation Image
📌 Key risks identified are:

1️⃣ Persistent credit risk - Opaque business structures and unsustainable business models leading to default

2️⃣ Market risk - Boom and bust cycles fuelled by leverage and the speculative nature of assets
3️⃣ Liquidity risks - Business models built on maturity & liquidity transformations without appropriate safeguards, resulting in vulnerability to 'runs'
Read 8 tweets
Jun 14
1/ In light of today's second political trilogue, we are sharing our position on #AMLR. We discuss our concerns & recommendations to strike the right balance between tackling financial crimes & fostering innovation in the #blockchain & #crypto industries. Image
2/ 🟣 We highlight the issue of double scoping of #CASPs as both financial institutions & a standalone category, potentially leading to legal confusion. We ask legislators to revert back to the EC's initial proposal for defining obliged entities under #AMLR.
3/ 🟣 We address the inclusion of #NFTs services as obliged persons, Metaverse, #DAOs & #DeFi arrangements. We urge legislators to remove unnecessary references, considering the diverse nature of NFTs & the nascent stage of the Metaverse and DeFi.
Read 10 tweets
May 29
IOSCO recently published its long-awaited consultation report on regulating #CryptoAssets, consisting of 18 high-level recommendations for global regulators to take into consideration when crafting and enforcing rules in this area. Image
⏰ The deadline to provide feedback has been set for 31 July, with a view to finalising them by September/October this year
👇 Key points of IOSCO's recommendations EU's #MiCA framework:

Main focus: Market integrity & investor protection;
Require #CASPs to implement fair, orderly, and timely transactions;
Read 15 tweets
May 26
The European Systemic Risk Board (ESRB) has published a report addressing the systemic implications and policy options for crypto-assets and #DeFi within the #EU, warning that the current regulatory landscape has gaps that must be addressed.

#CryptoRegulation Image
The ESRB identifies 3 key priorities for mitigating risks:

1️⃣ Enhancing EU's capacity to monitor potential contagion risks between #crypto and traditional finance: this involves standardising reporting and disclosure requirements for institutions with exposure to crypto-assets.
2️⃣ Assessing the risks posed by crypto-conglomerates and leveraging crypto-assets: the ESRB highlights risk transmission channels and the potential negative outcomes related to the combined crypto-asset services within a single legal entity.
Read 11 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!