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Luxembourg Watchdog Probes Blockchain, Web3 Competition

By  |  June 6, 2023

The competition authority in Luxembourg has announced a market study on blockchain technology. This study may be the first investigation into the economic impact of Web3.

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    The government of a European Union member, despite its small size, views the technology behind cryptocurrencies as essential to the digital and environmental transition, given its significant financial center status.

    “Given the strong potential of the sector, it’s important to ensure that Web3 actors can develop in a market that is effective and competitive,” the Autorité de la concurrencesaid in a statement.

    Related: Antitrust and Blockchain Technology: Group Boycotts, the Bitmain case, and the Ethereum “Merge”

    Competition market studies gather data from companies in the industry about market operations, which may serve as the foundation for potential enforcement measures for antitrust violations, including dominant position abuse.

    The regulator announced a study to investigate the competition between newer blockchain-based companies and existing Web2 internet companies, as well as any potential anti-competitive practices against Web3 projects.