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  • 🔨 EU approves the Data Act, smart contracts will have to comply with new regulations

🔨 EU approves the Data Act, smart contracts will have to comply with new regulations

March 15, 2023

🔨 EU approves the Data Act, smart contracts will have to comply with new regulations 🌪️ UK's crypto banking troubles: NatWest restricts crypto payments, Binance suspends GBP 🤩 Metamask swap volume hits an ATH during the bank crisis

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🔨 EU approves the Data Act, smart contracts will have to comply with new regulations

🌪️ UK's crypto banking troubles: NatWest restricts crypto payments, Binance suspends GBP

🤩 Metamask swap volume hits an ATH during the bank crisis

EU approves the Data Act, smart contracts will have to comply with new regulations

Today, the European Parliament approved the groundbreaking "Data Act", which included an essential article focused on blockchain-based smart contracts.

REPORT on the proposal for a regulation of the European Parliament and of the Council on harmonised rules on fair access to and use of data (Data Act) | A9-0031/2023 | European Parliament

REPORT on the proposal for a regulation of the European Parliament and of the Council on harmonised rules on fair access to and use of data (Data Act) (COM(2022)0068 - C9-0051/2022 - 2022/0047(COD)) Committee on Industry, Research and Energy Rapporteur: Pilar del Castillo Vera

https://www.europarl.europa.eu/doceo/document/A-9-2023-0031_EN.html

The Data Act is meant to regulate data from connected devices and the Internet of Things – it's not explicitly aimed at the crypto industry, but that doesn't mean it won't have far-reaching implications.

Smart contracts, of course, have to abide by the law – and Article 30 of the Data Act is devoted entirely to “essential requirements regarding smart contracts for data sharing”. So what does that mean? Well, it means that all smart contracts must include “access control mechanisms”, as well as protections for trade secrets integrated into their design.

Oh, and there's even a provision for smart contracts to be terminated or interrupted if the conditions demand it - something that can have huge implications in crypto. EU's goal as we can already see is to really take the "De" out of "DeFi", and make sure that crypto is not just centralized but also heavily regulated. Let's just hope that this is not the beginning of an era of stifling regulation that will make blockchain and crypto innovation a thing of the past.

UK's crypto banking troubles: NatWest restricts crypto payments, Binance suspends GBP

One of the largest UK banks has decided to join the movement for “increasing customer protection against crypto criminals.” But, don’t expect any real help. Rather than actually taking any real steps to protect their customers from fraud, NatWest has decided to limit payments to £1,000 a day and £5,000 a month.

According to them, 329 million British pounds were lost by consumers last year to cybercrime and scams, so that's why you can't be trusted with your own money. And just like NatWest, other banks like HSBC, Nationwide, and Santander have all followed suit in placing similar restrictions on crypto investors.

Additionally, Binance has announced that it will be halting withdrawals and deposits for its local users in the UK starting from May. Apparently, even though Binance has been trying to legally enter the UK market for years, helping consult law enforcement and other government agencies, as well as making sure its platform is compliant with AML and CFT regulations, it still wasn't enough. It's clear that crypto investors in the UK are facing an uphill battle as regulators and banks clamp down on their ability to trade.

Metamask swap volume hits an ATH during the bank crisis

Metamask has recorded a record volume of swaps on their platform over the weekend - the US banks collapsing really shocked the crypto world and made everyone realize that banks aren't as reliable as they thought. As result, many people scrambled to get their funds out of the banks and into crypto - with Metamask being the beneficiary of this migration.

MetaMask Swap dApp: Expert Insights & Technical Analysis

MetaMask Swap dApp: MetaMask Swap is a dApp for swapping tokens. It enables swaps from your wallet to blockchain apps. See full analysis!

https://www.bitdegree.org/crypto-tracker/top-ethereum-dapps/metamask-swap

Despite Metamask's Swap DEX being among the most costly to use, people accepted higher fees if it meant they could trade quicker. For those affected by a broken banking system, the cost was worth it. The surge in volume has been considered an ATH for Metamask, the transactions have skyrocketed by an impressive 75% compared to last month.