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EU Launches International Association Of Trusted Blockchain Applications

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The European Union launched the International Association of Trusted Blockchain Applications (INATBA) to foster the development and global adoption of blockchain and Distributed Ledger Technology (DLT) by developing a regulatory framework.

The launch took place at the European Commission in Brussels, Belgium on Tuesday, with more than 100 founding members, including major DLT and blockchain providers, large-scale users, start-ups, and business and sectoral associations.

The digital signing of the INATBA Charter at the European Commission was hashed on IOTA's Tangle network, in addition to other DLTs, to create an immutable audit trail of the signing.

The founding members of INATBA include Iota Foundation, Ripple, ConsenSys, and the Sovrin Foundation as well as IBM, SAP, Accenture, Deutsche Telekom, BBVA, Bank Frick, AB InBev and SWIFT.

The founder members have committed to INATBA's goals of developing interoperability guidelines and standards, transparent and inclusive governance, and ongoing constructive dialogue with authorities and regulators.

INATBA is a global multistakeholder forum set up by the European Commission that brings together developers and users of blockchain technologies to work with public authorities and standard-setting bodies to remove obstacles for scaling innovative solutions and promoting good governance.

The Commission will ensure that standards for blockchain/DLT are compatible with European values and principles by actively participating in standardization bodies like CEN/CENELEC, ISO Technical Committee 307 or the ITU-T Focus Group on DLT.

INATBA aims to bring together industry, startups and SMEs, policy makers, international organizations, regulators, civil society and standard setting bodies to support blockchain and DLT to be mainstreamed and scaled-up across multiple sectors.

It will look to developing a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensuring the system's integrity and transparency. It offers developers and users of DLT a global forum to interact with regulators and policymakers and bring DLT and blockchain technology to the next stage.

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