European Digital Currency & Blockchain Technology Forum (EDCAB), a new Brussels based public policy platform for digital currencies and distributed ledger technologies, organized a flagship roundtable series in the European Parliament, this week.

The discussions saw participation from leading players in the financial services sector such as Barclays and NASDAQ, along with the World Bank, IMF, the Bank for International Settlements, OECD, the European Securities and Markets Authority and Europol. These participants joined leaders from the virtual currency and blockchain world, to meet with policymakers from across the EU institutions in a series of roundtables to discuss how to best to develop an optimal regulatory framework for the nascent sector.

EDCAB Founder Siân Jones moderated sessions on the economic benefit of virtual currency, trusting distributed ledgers and ensuring effective and proportionate legislation.

“As the only independent European public policy platform for virtual currencies and distributed ledger technology, EDCAB is delighted to be playing a leading role in shaping discussions between industry and policymakers in order to secure a sound regulatory and policy landscape”, Jones said.

On Tuesday, the European Parliament’s Economic and Monetary Affairs Committee discussed their report on future regulation of the European virtual currency and blockchain industry. In addition, the influential Internal Market and Consumer Protection Committee also met and reviewed and discussed amendments to their opinion on the report. 

The general mood of the discussion was that blockchain and virtual currencies democratize finance and give the power to transact back to consumers. There was widespread agreement that blockchain technologies provide a level of transparency and certainty unlike ever before - with unparalleled benefits to users and providers of financial services.

Also the participants agreed that the technology, though evolving rapidly, is a nascent one, which necessitates collaboration between industry and policymakers in order to understand what works and what should be avoided.

Also it was acknowledged that digital currencies have been identified by many governments as low risk threats and there is little concrete evidence to suggest that digital currencies are commonly used illegally.

“A need to stimulate and facilitate innovation was a common theme. Participants agreed that regulation needs to be proportionate to the risks presented”, the release said.

There was broad consensus on the need to develop regulation which promotes legitimacy. It was agreed that there is a need for industry, governments and academia to come together to build standards across the European Union (and on an international level) in different settings to provide a level playing field.

Ashley Fox MEP on ‘Regulating virtual currencies and blockchain: A balancing act’ commented “We look to work with industry to inform us on this important issue. There is a consensus in the Parliament, that policymakers should be careful not to regulate the technology out of existence”.

EDCAB says that the sector has benefited from cross party support and roundtables were well attended with participants from all European institutions. The roundtables showed clear interest from both policymakers and industry to work together to achieve positive outcomes for the sector.

“EDCAB looks forward to continuing to facilitate informed and engaging on all live issues and future policies which will impact this rapidly developing sector. We are monitoring events closely and will continue to build upon established relationships with stakeholders across institutions to ensure the right outcomes for the sector and the citizens it serves”, Jones added.

EDCAB aims to shape a sound regulatory and policy agenda for virtual currencies and distributed ledger technology in Europe. Independent and non-profit, EDCAB provides a forum for industry engagement with EU policymakers, legislators, regulators, and law enforcement to discuss live issues and future policies; as well as creating better understanding and building trust and transparency.