Polygon Labs urges for a regulatory framework for the cryptocurrency protocol, blockchain, digital assets and general decentralized scene in the EU. Polygon proposed major amendments to Data Act, calling for clarification of the definition of “data” and no restrictions for DeFi d...
- Polygon Labs urges for a regulatory framework for the cryptocurrency protocol, blockchain, digital assets and general decentralized scene in the EU.
- Polygon proposed major amendments to Data Act, calling for clarification of the definition of “data” and no restrictions for DeFi developers.
1/Today @0xPolygonLabs published an open letter to the EU on Art. 30 of the #DataAct, which could have serious consequences for permissionless smart contracts. @Ledger has joined in proposing amendments to narrow Art. 30 to protect decentralized software development. Readpic.twitter.com/AZHGCm14sQ— Rebecca Rettig (@RebeccaRettig1) April 17, 2023
Polygon Labs’ proposed amendments aim to exclude 100% permissionless technologies and their creators from the scope of data regulation. Developers of permissionless systems such as on-chain or non-custodial services should not be held accountable for the processes and activities their code might be used in.
Polygon also called for the clarification of the term “party offering smart contracts” to exclude software developers of decentralized protocols and applications.
Regulators should clarify definition of “data”
Crypto-asset services… provided in a fully decentralized manner should be excluded from the scope of Art. 30 of Data Act,
Polygon Labs partners with Ledger to prepare open letter
Ledger, a producer of hardware wallets, partnered with Polygon Labs to prepare the letter. Polygon Labs believes that the lack of clear regulations is slowing down innovation and growth in the industry. The letter suggests that proper regulations will provide more certainty to businesses, create a more stable investment environment, and better protect consumers.