Crypto trader and analyst Merlijn recently highlighted a collaboration between the open-source decentralized platform IOTA and the European Commission. According to the analyst, the partnership enhances the future of regulated crypto in Europe.
Europe’s Affair With IOTA
Merlijn noted that the collaboration will help drive real-world crypto adoption in Europe. He added that Europe supports IOTA’s Web3 ID and digital product passports.
Notably, IOTA’s digital Web3 ID wallet is designed for electronically signing and storing documents, ranging from train tickets to university diplomas. It is seen as the next evolution in European citizens’ lives and work.
Image Source: Merlign on X
This collaboration comes as the EU seeks to implement a digital ID scheme. Last year, it updated its European Digital Identity (EUDI) regulation, which requires full implementation by 2026.
Meanwhile, the IOTA Foundation recently introduced a Digital Passport. In a previous article, we discussed that the product is part of the Foundation’s work for the European Blockchain Pre-Commercial Procurement funded by the European Commission.
The IOTA Foundation designed the Digital Product Passport as a data-sharing system to support product circularity. According to research, this is done by sharing relevant information in the supply chain while avoiding unwanted disclosure. Intriguingly, the product is useful in the military environment, enhancing interoperability across procurement, maintenance, and logistics functions.
Furthermore, IOTA is fast becoming the backbone of crypto regulation in Europe. According to Merlijn, IOTA is compliant with the EU’s Markets in Crypto Assets (MiCA) regulation. Therefore, the analyst believes Europe is not betting on the hype surrounding IOTA but rather on infrastructure.
IOTA’s collaboration with the European Commission is part of its broader mission to drive real utility and secure mass global adoption. As featured in our recent coverage, IOTA secured partnerships to support the EU and UK-backed trade lanes with its technology. Through the partnership, IOTA’s technology will help streamline freight management and notify users of important updates about their shipments.
IOTA Driving Transformation in Europe
The IOTA blockchain is at the forefront of the EU blockchain revolution while building cutting-edge solutions for businesses operating in the region.
IOTA recently unveiled a new Know Your Customer (KYC) solution to enhance safety and security within the Decentralized Finance (DeFi) ecosystem. The system allows users to authenticate their identities without disclosing personal information, reducing the risks of identity theft and fraud.
IOTA plans to power sustainable energy rewards in the Netherlands through its partnership with the EU. This partnership further strengthens the network as a key player in providing sustainability-related solutions. IOTA usually undertakes projects with an outlook toward sustainability, which is now embedded into its core technological development.
Across Africa, IOTA is leading a revolution in the blockchain industry with its latest project, IOTA Rebased. This initiative aims to strengthen decentralization and support the development of blockchain technology in Africa.