Web3 Foundation whose flagship project is Polkadot, held an expert panel at Polkadot Decoded on the current state of web3 regulation in the EU. The panelists discussed the benefits of web3 blockchain technology that could help solve current Web2 challenges such as internet privacy, security and the use of intellectual property. Panelists agreed that web3 technology needs tailored regulations that reflect the uses of blockchain technology and should focus on behaviors rather than technology. The discussion outlined the importance of legal clarity for Web3 entrepreneurs and why jurisdictions such as the EU are surpassing laggard jurisdictions, which are mired in definitional and jurisdictional uncertainty.
This panel follows Daniel Schoenberger, Chief Legal Officer of the Web3 Foundation and his testimony before the US Congress on regulating digital assets, where he argued the current regulatory approach has held back innovation in the Web3 space. Regulators across the globe are approach
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