Why Blockchain Firms Shouldn’t Ignore New EU Cybersecurity Laws

Jacek Czarnecki is an attorney at Warsaw-based law firm Wardynski Partners, where he specializes in areas including FinTech, digital currencies and blockchain.

In this opinion piece, Czarnecki discusses European regulatory developments beyond blockchain, arguing that some laws under review outside the industry’s oversight could prove impactful to its practices.

We know that ‘virtual currencies’ (the term to be hardwired into European Union law) will be covered by new anti-money laundering and terrorist financing regulations.

But, while the details on this industry-specific regulation will follow shortly, there are also other pieces of the EU legislation that deserve attention in the meantime.

Going forward, it is quite clear that blockchain as a technology will primarily attract the attention of regulators interested in particular applications.

Lawyers, by and large, think about bitcoin from the perspective of financial regulations or look at smart contracts from the point of view of contract law. This is not necessarily correct, (smart contracts may replace not just legal contracts, for example), but it shows a pattern of thinking that we may be wise to keep in mind going forward.

Namely, that other use cases of blockchain will require legal analysis based on specific areas they impact.

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