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RE: Smart Media Tokens Use Cases, Caveats And Limitations - The SMT White Paper Series, Ep. Three
This is the wikpedia about it :
And the full EU details are in this document :
I guess it will take lawyers to pull this apart to see how it will apply, or not, to blockchain based systems.
If the EU legislation does apply I am sure there will be some interesting test cases as blockchain sites like steemit add to their content base.