.0xPolygonLabs addresses EU regulators with open letter to protect Web3 devs, RebeccaRettig1 shares document Polygon $MATIC DataAct
Basically, the proposed amendments are designed to exclude 100% permissionless technologies and their creators from the scope of data regulation.will focus on permissioned distributed systems that can be controlled by a business entity or individual. Developers of permissionless systems should not be held accountable for the processes and activities their code might be used in:
Clarify the term 'party offering smart contracts' to exclude software developers of decentralized protocols and applications.that the proposals can align the Data Act with the existing regulatory documents and frameworks: These proposed amendments will bring the the Data Act into alignment with #MiCA's exclusion of 'crypto-asset services...provided in a fully decentralized manner,' while ensuring that EU policymakers can achieve the Act's goals of data protection for users and businesses.Also, regulators have been asked to narrow the definition of data: as smart contracts operate in a fully permissionless manner, no one can be charged for possible data abuse.
As such,"crypto-asset services...provided in a fully decentralized manner should be excluded from the scope of Art. 30 of Data Act," the letter says. Another cryptocurrency sphere heavyweight, Ledger, a producer of hardware wallets, took part in the preparation of the letter.
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