{"id":308769,"date":"2023-03-14T14:30:12","date_gmt":"2023-03-14T14:30:12","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=308769"},"modified":"2023-03-14T14:25:09","modified_gmt":"2023-03-14T14:25:09","slug":"eu-passes-data-act-including-smart-contract-regulation","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/","title":{"rendered":"EU passes Data Act including smart contract regulation"},"content":{"rendered":"

The European Parliament adopted legislation under the Data Act<\/a> on March 14, which includes provisions on smart contracts and the internet of things (IoT).<\/p>\n

The legislation was passed with 500 votes in favor and 23 against it, aiming to boost business model development to create new industries and jobs. Article 30<\/a> of the Data Act includes provisions on \u201cessential requirements regarding smart contracts for data sharing.\u201d<\/p>\n

The new rules will come into force in 2024 and companies must adhere to them if they want to provide services or products to EU-based consumers.<\/p>\n

Smart contract regulation<\/h2>\n

Provisions around smart contracts don't specifically target the crypto industry and are mostly related to contracts that facilitate data transfers for IoT products, along with their manufacturers and service providers.<\/p>\n

It primarily aims to build a framework for sharing data generated by connected devices and related services in the EU. However, some concerns regulating smart contracts could eventually affect the DeFi and cryptocurrency industries if their reach and scope are not clearly defined.<\/p>\n

Provisions under Article 30 mandate that smart contracts must have the same level of “protection and legal certainty as any other contracts generated through different means.\u201d The bill also includes requirements around protecting trade secrets, data archiving and ensuring that transactions can be interrupted and terminated as needed.<\/p>\n

Additionally, it mandates that smart contracts must be protected through “rigorous access
\ncontrol mechanisms at the governance and smart contract layers.” Under the new rules, smart contracts will be subject to “harmonized standards” defined in the Data Act.<\/p>\n

The bill's final version also reintroduces stringent compliance requirements for smart contract developers \u2014 such as a declaration of EU conformity \u2014 that were previously removed. According to the bill:<\/p>\n

“The vendor of a smart contract or, in the absence thereof, the person whose trade, business or profession involves the deployment of smart contracts for others in the context of an agreement to make data available shall perform a conformity assessment with a view to fulfilling the essential requirements.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The European Parliament adopted legislation under the Data Act on March 14, which includes provisions on smart contracts and the internet of things (IoT). The legislation was passed with 500 votes in favor and 23 against it, aiming to boost business model development to create new industries and jobs. Article 30 of the Data Act […]<\/p>\n","protected":false},"author":1250,"featured_media":308807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nEU passes Data Act including smart contract regulation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU passes Data Act including smart contract regulation\" \/>\n<meta property=\"og:description\" content=\"The European Parliament adopted legislation under the Data Act on March 14, which includes provisions on smart contracts and the internet of things (IoT). The legislation was passed with 500 votes in favor and 23 against it, aiming to boost business model development to create new industries and jobs. Article 30 of the Data Act […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-14T14:30:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-14T14:25:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/eu-data-act-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Assad Jafri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Assad Jafri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person\",\"name\":\"Assad Jafri\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"caption\":\"Assad Jafri\"},\"jobTitle\":\"Former Editor & Reporter\",\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now fo...\",\"worksFor\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"sameAs\":[\"https:\/\/x.com\/Saajthebard\",\"https:\/\/www.linkedin.com\/in\/asad-jafri-76b97015a\"]},\"headline\":\"EU passes Data Act including smart contract regulation\",\"datePublished\":\"2023-03-14T14:30:12+00:00\",\"dateModified\":\"2023-03-14T14:30:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/\"},\"wordCount\":335,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"articleSection\":[\"Regulation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/\",\"url\":\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/\",\"name\":\"EU passes Data Act including smart contract regulation\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/#website\"},\"datePublished\":\"2023-03-14T14:30:12+00:00\",\"dateModified\":\"2023-03-14T14:30:12+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptoslate.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EU passes Data Act including smart contract regulation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoslate.com\/#website\",\"url\":\"https:\/\/cryptoslate.com\/\",\"name\":\"CryptoSlate\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"NewsMediaOrganization\",\"@id\":\"https:\/\/cryptoslate.com\/#organization\",\"name\":\"CryptoSlate\",\"url\":\"https:\/\/cryptoslate.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"CryptoSlate\"},\"image\":{\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\"},\"publishingPrinciples\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"ownershipFundingInfo\":\"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/\",\"correctionsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"ethicsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"foundingDate\":\"2017-08-04\",\"founder\":[{\"@type\":\"Person\",\"name\":\"Nate Whitehill\"},{\"@type\":\"Person\",\"name\":\"Matthew Blancarte\"}],\"sameAs\":[\"https:\/\/twitter.com\/cryptoslate\",\"https:\/\/www.instagram.com\/cryptoslate\",\"https:\/\/www.linkedin.com\/company\/cryptoslate\",\"https:\/\/www.youtube.com\/c\/cryptoslate\",\"https:\/\/t.me\/cryptoslatenews\",\"https:\/\/www.tiktok.com\/@cryptoslatenews\"],\"contactPoint\":[{\"@type\":\"ContactPoint\",\"contactType\":\"customer support\",\"url\":\"https:\/\/cryptoslate.com\/contact\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"sales\",\"url\":\"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"newsroom\",\"url\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"email\":\"tips@cryptoslate.com\",\"availableLanguage\":\"en-US\"}],\"masthead\":\"https:\/\/cryptoslate.com\/about\/#masthead\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/3db28ca07ba41170a9d49a2e887d4882\",\"name\":\"Assad Jafri\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed-150x150.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed-150x150.jpg\",\"caption\":\"Assad Jafri\"},\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"EU passes Data Act including smart contract regulation","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/","og_locale":"en_US","og_type":"article","og_title":"EU passes Data Act including smart contract regulation","og_description":"The European Parliament adopted legislation under the Data Act on March 14, which includes provisions on smart contracts and the internet of things (IoT). The legislation was passed with 500 votes in favor and 23 against it, aiming to boost business model development to create new industries and jobs. Article 30 of the Data Act […]","og_url":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/","og_site_name":"CryptoSlate","article_published_time":"2023-03-14T14:30:12+00:00","article_modified_time":"2023-03-14T14:25:09+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/eu-data-act-.jpg","type":"image\/jpeg"}],"author":"Assad Jafri","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Assad Jafri","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#article","isPartOf":{"@id":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/"},"author":{"@type":"Person","@id":"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person","name":"Assad Jafri","url":"https:\/\/cryptoslate.com\/author\/assad-jafri\/","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/author\/assad-jafri\/"},"image":{"@type":"ImageObject","@id":"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg","caption":"Assad Jafri"},"jobTitle":"Former Editor & Reporter","description":"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now fo...","worksFor":{"@id":"https:\/\/cryptoslate.com\/#organization"},"sameAs":["https:\/\/x.com\/Saajthebard","https:\/\/www.linkedin.com\/in\/asad-jafri-76b97015a"]},"headline":"EU passes Data Act including smart contract regulation","datePublished":"2023-03-14T14:30:12+00:00","dateModified":"2023-03-14T14:30:12+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/"},"wordCount":335,"commentCount":0,"publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"articleSection":["Regulation"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#respond"]}],"copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/cryptoslate.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/","url":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/","name":"EU passes Data Act including smart contract regulation","isPartOf":{"@id":"https:\/\/cryptoslate.com\/#website"},"datePublished":"2023-03-14T14:30:12+00:00","dateModified":"2023-03-14T14:30:12+00:00","breadcrumb":{"@id":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptoslate.com\/eu-passes-data-act-including-smart-contract-regulation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptoslate.com\/"},{"@type":"ListItem","position":2,"name":"EU passes Data Act including smart contract regulation"}]},{"@type":"WebSite","@id":"https:\/\/cryptoslate.com\/#website","url":"https:\/\/cryptoslate.com\/","name":"CryptoSlate","description":"","publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"inLanguage":"en-US"},{"@type":"NewsMediaOrganization","@id":"https:\/\/cryptoslate.com\/#organization","name":"CryptoSlate","url":"https:\/\/cryptoslate.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","width":1000,"height":1000,"caption":"CryptoSlate"},"image":{"@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","ownershipFundingInfo":"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/","correctionsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","ethicsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","foundingDate":"2017-08-04","founder":[{"@type":"Person","name":"Nate Whitehill"},{"@type":"Person","name":"Matthew Blancarte"}],"sameAs":["https:\/\/twitter.com\/cryptoslate","https:\/\/www.instagram.com\/cryptoslate","https:\/\/www.linkedin.com\/company\/cryptoslate","https:\/\/www.youtube.com\/c\/cryptoslate","https:\/\/t.me\/cryptoslatenews","https:\/\/www.tiktok.com\/@cryptoslatenews"],"contactPoint":[{"@type":"ContactPoint","contactType":"customer support","url":"https:\/\/cryptoslate.com\/contact\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"sales","url":"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"newsroom","url":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","email":"tips@cryptoslate.com","availableLanguage":"en-US"}],"masthead":"https:\/\/cryptoslate.com\/about\/#masthead"},{"@type":"Person","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/3db28ca07ba41170a9d49a2e887d4882","name":"Assad Jafri","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed-150x150.jpg","caption":"Assad Jafri"},"description":"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.","url":"https:\/\/cryptoslate.com\/author\/assad-jafri\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/308769"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1250"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=308769"}],"version-history":[{"count":3,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/308769\/revisions"}],"predecessor-version":[{"id":308824,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/308769\/revisions\/308824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/308807"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=308769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=308769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=308769"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=308769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}