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New EU Data Act Rules Ignore Blockchain Industry Concerns Over Smart Contracts

The final version of the European Union Data Act rules has largely ignored the concerns of the blockchain industry, according to a text seen by CoinDesk. The provisions intended to ensure safe termination of automated data-sharing agreements still refer broadly to "smart contracts" and are not limited to privately owned and permissioned data records as hoped by lobbyists. The text of the law sent to CoinDesk under EU freedom of information laws still refers to "smart contracts" instead of the industry's preferred term of "digital contracts." The law must be formally agreed upon by the parliament and then by governments to pass into law.

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