The IOTA Foundation has highlighted its achievements within the blockchain sector in Europe, positioning itself as a key player in helping the continent lead in blockchain innovation. In a recent statement, the non-profit organization shared its accomplishments and ongoing partnerships with the European Union, emphasizing that its Web3 solution could serve as a viable identification option for EU member states as they work toward achieving the 2026 Digital Identity Wallet Mandate.
The April 2024 Regulation (EU) 2024/1183 of the European Parliament and of the Council, which amends Regulation (EU) No 910/2014 regarding the establishment of the European Digital Identity Framework, mandates that all EU member states must offer citizens and residents at least one Digital Identity Wallet by 2026.
IOTA’s Web3 identification technology, which was selected for the 2024 European Blockchain Sandbox, is viewed as a potential enabler of this goal. The foundation is optimistic that its groundbreaking technology will assist the EU in achieving the Digital Wallet mandate.
IOTA Web3 Identification Solution
In June, IOTA announced that its Web3 identification technology had been selected for the 2024 European Blockchain Sandbox, an initiative by the European Commission aimed at enhancing blockchain legal certainty and establishing a fully regulated EU market through a pan-European framework for regulatory dialogue. The IOTA Web3 solution offers an advanced KYC (Know Your Customer) and user identity authentication system designed to address various identity-related challenges.
Through its collaboration with the EU and participation in the Sandbox, IOTA is confident that its decentralized identity solution will provide a beneficial Web3 identification option for the EU.
IOTA Ensuring Crypto Market Transparency in Compliance with MiCA
In addition to its involvement in the digital identity space, IOTA has committed to ensuring the transparency and compliance of the European crypto market, in line with the Markets in Crypto-Assets (MiCA) regulation. MiCA is aimed at standardizing the crypto market across the European Union by establishing necessary standards for crypto service providers.
IOTA has pledged to help the crypto market meet these standards by reviewing its internal policies,
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