The European Commission (EC), a cabinet government and the executive body of the
European Union (EU), has announced the launch of its newest regulatory sandbox
for blockchain and distributed ledger technology (DLT).
The European Blockchain
Regulatory Sandbox
The newly
established European Blockchain Regulatory Sandbox was launched to create a
pan-European regulatory framework to promote legal certainty for projects using
blockchain technology. It is facilitated by a consortium including Bird &
Bird, OXYGY, WBNoDE and Spindox.
Funding for
creating the sandbox was raised from the Digital Europe Programme. The
initiative is expected to work for the SME over the next three years and,
according to its concept, will support up to 20 projects from both the private
and public sectors within the European Blockchain Services Infrastructure. Independent
academic experts will oversee the whole process.
“Projects
will be selected through calls for expression of interest. Every year, the most
innovative regulator participating in the sandbox will also be awarded a
prize,” the EC stated in the press release.
Europe Sees Blockchain
Potential
According
to the EC, DLT and blockchain have broad potential, which is not only limited
to the financial industry. The technology can support regulation and
documentation in the fight against fraud.
“Companies
can facilitate the exchange of non-personal data to train…
