A Historic Gathering

The European Web3 Summit 2023 took place at the renowned Library Solvay in Brussels, Belgium—a setting where the likes of Einstein and Niels Bohr once shared ideas that changed the world. Quite ironic, isn’t it, that modern-day digital pioneers now gather in the same halls to untangle the regulatory knots surrounding Web3?

The Panel That Sparked Debate

Moderated by Alex Cohen from Cointelegraph, the panel entitled “Policies & Strategies for Web3 Transformation in Europe” featured some notable figures including:

• Irakli Beridze, UN’s tech ambassador
• Ioana Surpateanu, CryptoUK’s guardian angel
• Hugo Volz Oliveira, New Economy Institute visionary
• Rapolas Lakavičius, European Commission policy maestro
• Ricardo Simões, INATBA’s chief navigator

The discourse lasted an exhilarating hour and highlighted contrasting views on the need for regulation—or the audacity of letting Web3 flourish untethered.

To Regulate or Not to Regulate?

Beridze made it clear that the UN is still tip-toeing around the idea of Web3 regulations. “We’re not ready,” he suggested, adding that frameworks need to ensure technology benefits everyone. While he recognized risks, he seemed a bit hesitant to take that regulatory plunge.

Surpateanu, however, waved her banner for the freedom of innovation. “Let it breathe!” she said, arguing against knee-jerk regulations. Sometimes it’s better to let a wild stallion run free than try to harness it before you understand its nature.

The Clarity Conundrum

Oliveira echoed this sentiment but acknowledged that the winds would eventually change. “We need some breathing room at first, then we can carve out a path for clarity,” he reasoned. Right regulations could unlock potential far beyond what we can anticipate today.

Meanwhile, Lakavičius chimed in, advocating for a balanced approach. “Don’t leave us in the dark,” he pleaded, pointing out that European SMEs are eager to dive into Web3, but first they want to make sure they’re not stepping on legal landmines.

The Narrative Shift: Regaining Control

A pivotal topic raised was the portrayal of crypto by the media and, in particular, its reception within the UN. Beridze admitted a prevailing narrative that paints crypto as a villain, primarily associated with illicit activities. “We must shift the conversation to showcase crypto’s benefits!” he declared.

Evidence Over Headlines

Simões urged regulators to look past sensationalized headlines and focus on real-world applications of Web3 and blockchain. “There’s a lot of good overshadowed by the bad!” he argued. Surpateanu concurred, stating that the majority in the crypto scene are more concerned with solving problems than orchestrating scams.

“It’s all about the attention economy!” she lamented. “Negative news spreads like wildfire, creating a distorted perception of reality.”