The European Parliament has passed the Data Act, including provisions on smart contracts that have raised concerns among experts.
Highlights
- The European Parliament passed the Data Act on March 14.
- The legislation established rules for fairly sharing data generated by “connected products or related services” The bill was passed by a margin of 500-23, with 110 abstentions.
- The act also granted smart contracts equal protection when compared with other forms of contract.
- Professor Thibault Schrepel of the Vrije Universiteit Amsterdam said the act “endangers smart contracts to an extent that no one can predict,” and pointed out legal uncertainty in the act.
- Parliament members will now negotiate the final form of the law with the European Council and individual member countries of the European Union.
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