The third quarter of 2022 has been busy for The Proof of Trust. We have been working to deliver innovative technology to assist governments and institutions with their security and regulatory needs. Some key highlights from the last few months include:
- We were invited as experts to join technical talks on the digital euro. Given the complexity of setting up a digital currency, these processes take time and require frequent, thorough technical and regulatory reviews. The Proof of Trust has been involved in discussions on both fronts to ensure robust safety and security measures are adopted.
- We have been working with the Luxembourg finance sector to find new ways to bring innovation to traditional financial services and will continue to speak to major accounting firms across Europe and beyond.
- Taxation, blockchain and crypto – we met with MEPs to discuss the report “the impact of new technologies on taxation: crypto and blockchain”. We are also preparing to engage with European VAT departments in the coming months in the context of the “VAT in the Digital Age” initiative.
- European legislation – after the finalisation of the MiCA and TFR Regulations, we are working with authorities responsible for monitoring the implementation of the legislation. We met senior FISMA officials in October and continue to track their new legislative initiatives on DeFi and crypto-asset regulation.
- Several team members attended the Blockchain for Europe 2022 Summit, which provided excellent insight into the Web3 regulatory landscape in Europe and beyond. With the recent MiCA and AMLR legislations, Europe has established itself as arguably the most advanced region in crypto regulation, and The Proof of Trust remains integral to these discussions.
Ongoing EU Member State and Middle East opportunities:
- Representatives from a major Eastern European accounting firm have asked us to support them in their government contract on deep tech technologies in an administrative capacity. More broadly, they wish to use our insights for general tech innovation-related items in the country to push the regulators and authorities to embrace technology. They are particularly interested in the tax policy, prioritising combatting VAT fraud.
- Assisting with smart government technology in multiple European nations to enhance transparency and bring information access to more citizens.
- Running workshops in Central Europe with global institutions and national governments to develop blockchain use cases.
- Working with representative bodies for banking and financial services to enhance security measures and consumer protection, opening doors for institutional adoption of Web3.
- Arranged meetings with international accounting firms in the Middle East to discuss policy and compliance technology for Web3 and blockchain to ensure consumer protection extends globally.
- We will keep pushing hard in Q4 and beyond to achieve our goals and bring security and trust to innovative technologies.
The Team at The Proof of Trust