The Antimonopoly Committee will take on the Web3 space
The Autorité de la concurrence, Luxembourg’s competition authority, announced on Tuesday that it plans to carry out a market study on blockchain technology, marking potentially the first comprehensive exploration into the economic aspects of Web3.
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As a member of the European Union, Luxembourg serves as a notable financial hub despite its small size, and views the technological foundation of cryptocurrencies as a critical component in the digital and environmental transition.
The competition authority emphasizes the significance of enabling Web3 players to evolve within an effective and competitive market, given the sector's robust potential. Market competition studies collect information from companies active within a specific sector to gain insights into the market's mechanics. This can provide the foundation for potential enforcement actions against antitrust rule breaches, such as the abuse of a dominant position.
The study aims to analyze how and where emerging blockchain-based companies compete with incumbent Web2 internet firms, and to document any potential anti-competitive practices against Web3 initiatives.
Thibaut Schrepel, an associate professor at the University of Amsterdam, who will be aiding the study as an external expert, suggested that this study could break new ground. According to Schrepel, this study may be the first conducted by a regulatory agency with the intention of protecting Web3, rather than attacking it.
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