EU Launches Blockchain Regulatory Sandbox
The European Commission (EC), the European Union’s (EU) cabinet government and executive body, has announced the launch of its newest regulatory sandbox for blockchain and distributed ledger technology (DLT).
The newly established European Blockchain Regulatory Sandbox was established to establish a pan-European regulatory framework to promote legal certainty for blockchain-based projects. It is made possible by a consortium that includes Bird & Bird, OXYGY, WBNoDE, and Spindox.
The Digital Europe Programme provided funding for the creation of the sandbox. The initiative will support up to 20 projects from both the private and public sectors within the European Blockchain Services Infrastructure over the next three years, according to its concept. 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.
(With inputs from Shikha Singh)
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