This article was originally published here.
To boost E.U’s data economy, the European Union is relaxing its restricting measures and thus increase the amount of data that can be reused as raw materials for artificial intelligence and blockchain based projects.
The latest development from the umbrella body of European Nations was announced on June 6, via a press release.
Stimulant for Growth
Officials and experts are of the opinion that the relaxed laws will have a positive impact on the European Data economy and all other facets of life, while also contributing to the overall growth of the participating countries.
Under the new and improve legislation, high-value datasets will be readily available free of charge, which includes statistics, company ownership records and meteorological information.
Also available for exploration by AI and blockchain products are research data, real time weather and also transport weather. A participating member and the minister of communication of Romania, Alexandru Petrescu, stated that:
‘’ These rules are a real enabler for artificial intelligence and will help Europe to become a world leader in these crucial area. They will bolster the EU digital industry, especially smaller companies and start-ups, which would not otherwise have access to all the data they need to innovate and expand.’’
Artificial intelligence and its usage have created a lot of debates, especially among major stakeholders who are skeptical about the role of man in community development, if and when AI is allow to reach its full capacity.
EU countries have approximately two years to ensure that these laws are entrenched in their own national laws in their respective countries. Europe is one of the best Blockchain market, as most countries on the continent openly embrace the digital currency market, but this open show of love and affection did not stop them from applying some level of regulation, when needed.
Bitcoin Exchange Guide in June reported in June that the European Union request that Malta should increase the AML levels to match the growth of the cryptocurrency market. The European Union is worried by Malta’s ‘over friendliness’ towards the crypto community, that criminals and fraudsters are now seeing the country as a safe haven, where they can launder illegal money without being questioned by the relevant authorities.
Although, the commission realize the importance of the relaxed measures placed on crypto start-ups and established firms in the country, but its worried that it can also chase away potential investors from the country, because nobody wants to associate with a country that harbors criminals.
The European Union also maintained that the economic arm of the country’s police department is also understaffed and as such lack adequate manpower to tackle some sophisticated money laundering ring that operates in the country unhindered.
Malta is the considered by many as the cryptocurrency and blockchain capital of the world, due to its relaxed legislation on cryptocurrency firms, but the influx of crypto criminals in the country is definitely obstructing the steady growth and might affect its credibility if not tackled adequately.