As much of the world continues its focus on different cryptocurrency assets and how to best regulate the space, there has been an increase in the number of negative press around NFT’s and different crypto policies that have come in recent months. Whilst there are few sources that actually use crypto outside of trading with online casinos like this uk casino list for example being an option, there are hopes that rule changes for crypto assets in Europe could lead to wider adoption – but what have these changes been and will they hit the mark?
Questions regarding the environment – It’s well known at this point that cryptocurrency mining and other factors of the blockchain like NFT’s can have quite a big impact on the environment with the huge energy demand – the EU hopes to target the high carbon footprint with the proposal of different tax options for activities that contribute substantially to climate change. Other industries that have also been targeted include the entertainment industry and data centers, but the main focus of the change could look to be all facets of cryptocurrency and the blockchain in the future.
Supervision and transparency – Another change that has been suggested for quite some time is for more transparency on the trades in crypto across the EU – this had initially been suggested in an effort to limit fraud or criminal activity within the crypto space but with fears of price manipulation and widespread scams that have also taken place in the crypto space too, having solutions here will be key – supervision has been suggested to ensure all trades are above board and with the suggestions that more personal information may be needed to transfer crypto options but there hasn’t been any additional movement here.
There’s still plenty of time before the change comes into place, the environmental issues have a time frame until 1st January 2025 to have a solution found and in order to get it right it’s likely that all facets of change will have a longer time frame before anything is adjusted, by that time current trends, particularly in the likes of NFT’s, may have fallen out of favor and other changes may appear too. It’s also important to note that decisions through other countries may also impact decisions in the future too, the ban on crypto mining in China led many farms to seek alternative homes which had expedited the problem for some, and similar future decisions could bring choices within the EU forward to protect consumers.