EU finalizes controversial smart contract kill switch rules under Data Act


28 Jun 2023 10:53 AM

The Data Act has provisions for imposing altering requirements for smart contracts, including kill switches allowing them to be safely terminated....

  • EU lawmakers have reached an agreement on the European Data Act, which aims to promote fair use of industrial data and remove barriers to data sharing.
  • The act has provisions for smart contracts, including kill switches for safe termination and interruption.
  • The crypto community has criticized the act for its proposals around smart contracts and its vagueness.
  • Some believe the legislation may restrict innovation or make compliance difficult for smart contracts in the crypto industry.

The sentiment towards the European Data Act and its provisions for smart contracts is mixed. While some see it as a milestone in reshaping the digital space, others in the crypto community have criticized it for potential restrictions and vagueness.

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What is the purpose of the European Data Act?What provisions does the act have for smart contracts?Why has the act drawn criticism from the crypto community?How might the act impact innovation in the crypto industry?Has the EU Commissioner for Internal Markets commented on the controversy surrounding smart contracts?

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