Controversial Data Act: EU's Final Call on Smart Contracts

The Data Act, proposed in early 2022, has been passed 

by the European parliament on March 14. It aims to ensure fair use of industrial data and remove barriers to sharing data from services like the Internet of Things. However, the crypto community has criticized the act due to its provisions on smart contracts and its vague nature. The act includes requirements for smart contracts, such as kill switches for safe termination, which has raised concerns about innovation and compliance in the crypto industry. The legislation signifies a milestone in reshaping the digital space, according to EU's Commissioner for Internal Market Thierry Breton.