Today, the European Commission launched the European Regulatory Sandbox for Blockchain.
Sandboxes are controlled environments where companies can test their products and services while engaging with relevant regulators.
This particular Sandbox will provide legal certainty for decentralised technology solutions including blockchain by identifying obstacles to their deployment from a legal and regulatory perspective and providing legal advice, regulatory experience and guidance in a safe and confidential environment.
It should also allow regulators and supervisors to enhance their knowledge of cutting-edge blockchain technologies and share best practices through dialogues.
Sandbox supported by EU funds and open to projects based on any blockchain infrastructure
The Sandbox is supported by the Digital Europe Programme, the EU funding programme focused on bringing digital technology to businesses, citizens and public administrations. It will also help Europe reach its ambition for digital leadership in the Digital Decade, as reducing the legal uncertainty around blockchain will enable its uptake across sectors.
The dialogues will be held across industry sectors and geographic regions, which will help to identify and communicate best practices in the interest of the wider EU/EEA blockchain community. The sandbox is open to use cases based on any blockchain infrastructure.
Running from 2023 to 2026
Running from 2023 to 2026, the Sandbox will support 20 projects annually, including public sector use cases on the European Blockchain Services Infrastructure (EBSI). This is a multi-country project under the Digital Decade supported by the EU Commission, all Member States, Norway and Liechtenstein.
The first call for this project will be open until 14 April 2023.
The sandbox will annually accept cohorts of 20 blockchain use cases. They will be matched with relevant national and EU regulators for a safe and constructive dialogue on the most relevant regulatory issues. Use cases will be selected on the basis of the maturity of the business case, legal/regulatory relevance and their contribution to the EU’s wider policy priorities.
Every year, the most innovative regulator participating in the sandbox will be awarded a prize. The sandbox is facilitated by a consortium under the lead of Bird & Bird with its consulting arm OXYGY and blockchain experts of WBNoDE. The selection and award process will be overseen by a panel of independent academic experts from European universities.
Image over the headline.- Image © EU Commission
Related external links:
To apply for joining EBSI, click here
More information on the European Regulatory Sandbox for Blockchain, click here
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