European Authorities Want To Monitor Ethereum (ETH) Network Using New Automated System
The European Commission is interested in using an automated system to monitor and track the Ethereum (ETH) network.
According to a new Tenders electronics daily (TED) service notice, the EU commission is launching a proposal to study decentralized finance (DeFi) monitoring through “embedded supervision.”
The proposal suggests,
“A pilot project to develop, deploy and test a technological solution for embedded supervision of decentralized finance (DeFi) activity. The project will seek to benefit from the open nature of transaction data on the Ethereum blockchain, which is the biggest settlement platform of DeFi protocols. Its main focus will be on automated supervisory data gathering directly from the blockchain to test the technological capabilities for supervisory monitoring of real-time DeFi activity.”
Circle Pay executive and European crypto policy expert Patrick Henson says the proposal could end up being beneficial to the industry by putting the burdensome task of data collection for compliance purposes on regulators.
“The EU Commission has launched a public call for tender for a study on ’embedded supervision’ of DeFi on Ethereum.
The aim is to study technological capabilities for automated supervisory monitoring of real-time DeFi activity.
Est. tender value: 250,000 euros…
This could be quite impactful, as the capability of regulatory bodies to automatically monitor compliance by reading public blockchain data could drastically reduce the need for market participants (e.g. DAOs [decentralized autonomous organizations]) to actively collect, verify & deliver data to authorities.”
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Author: Daily Hodl Staff
