“A Europe Shaping Its Own Future” Twenty-two recommendations for making Europe a leader in Web 3 innovation

Paris, May 6, 2024 - Ahead of the European elections on June 9 and the renewal of the European Commission’s membership, ADAN is publishing its manifesto for the attention of the EU institutions. The Association of Web 3 Professionals thus sets forth 22 proposals aimed at enabling Europe to harness blockchain technologies and crypto-assets to strengthen its public policies regarding strategic autonomy, employment, the protection of fundamental rights, inclusion and democratization, personal data protection, intellectual property protection, the fight against misinformation, and to ensure a successful digital and ecological transition. 

Encouraging economic indicators that need to be supported by strong political will

ADAN, an association comprising 200 companies developing services related to blockchain technologies and crypto-assets, offers an encouraging assessment of the European Union’s position in the emerging Web 3.0 industry.

Indeed, as the world’s leading hub for Web 3startupsand jobs, the European Union is demonstrating a dynamism that could enable it to become a lasting driver of this innovation. This is a trend that the industry’s trade association welcomes, as the global Web 3 market is projected to reach $59 billion in revenue by 2028, according to the outlook presented in the March 2022 report by Business Markets Insights. 

However, companies in the ecosystem still face numerous challenges in expanding across Europe. These include: the intrinsic characteristics of blockchain and crypto-asset technologies, which are little known or poorly understood, hindering their deployment in areas where they could be of significant benefit; legal uncertainties stemming from the nascent nature of this innovation, which prevent them from launching in a clear and secure environment; and a notable lack of European investors as companies mature. In this regard, Europe still struggles, for example, to support companies as they grow and is consequently lagging behind the United States in terms of Web 3 unicorns within its borders.

Europe will therefore need to redouble its efforts to maintain its lead in the field of Web 3, particularly by leveraging its dynamic entrepreneurial ecosystem and implementing innovative regulations to guide the sector’s development. These strengths are not a panacea for all the challenges faced by industry players and, as such, cannot replace concrete and sustained public support.  

The Adan has issued twenty-two recommendations for a stronger Europe that reaffirms its values and prepares for the future through Web 3 technologies byaddressing three clear objectives: 

• Better support companies as they grow so that the future leaders of the Internet of Value can thrive across Europe; 
• Legally recognize the intrinsic characteristics of blockchain and crypto-assets as assets in terms of regulatory compliance in order to encourage the private sector to embrace these technologies; 
• Explore the potential of Web 3.0 and its many applications to effectively achieve Europe’s public policy objectives.

According to Faustine Fleuret, President and CEO of ADAN,“It is urgent that we fully grasp the impact that Web 3 innovation will have on various sectors of the economy and society, whether by transforming them or by resolving long-standing challenges they face. Regulation alone will not be enough to ensure the success of the European project. European institutions must therefore demonstrate creativity—even boldness—and keep an open mind in order to explore and hope to reap all the benefits of the innovation brought by blockchain technologies and crypto-assets.”