The European Commission hopes that the Blockchain Regulatory Sandbox will help to “increase legal certainty for innovative blockchain solutions.”
The European Commission, the European Union’s politically independent executive arm responsible for implementing EU laws, policies, and programmes, has launched the European Blockchain Regulatory Sandbox.
According to the press release, the initiative is dedicated to innovative use cases of Distributed Ledger Technologies (DLT).
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
With the European Blockchain Regulatory Sandbox, the European Commission aims to “facilitate the cross-border dialogue with and between regulators and supervisors on the one hand, and companies or public authorities on the other hand.”
On top of that, the European Commission hopes that sandbox will help to start regulatory dialogues to “increase legal certainty for innovative blockchain solutions.”
It is worth noting that Blockchain Regulatory Sandbox is a part of the European Union funding program urging citizens, businesses, and public administrations to take steps to adapt to the digital age.
The DLT sandbox is set to run from 2023 to 2026, annually supporting 20 projects. Based on the European Commission, the initiative is open to firms from all industry sectors and public entities. Moreover, the executive arm noted that projects can be in an early stage, “beyond a proof-of-concept stage or already close-to-market.”
However, the institution emphasized that priority will be given to more mature use cases where legal and regulatory questions arise on “broader relevance.” Nevertheless, the say of the European Blockchain Services Infrastructure will also play an important role.
In the press release, the European Commission announced that private sector companies and public entities operating in the European Economic Area (EEA) can apply to the first call from February 14th to April 14th.
In other EU-related news, in January, the European Parliament once again delayed the vote on the legalization of Markets in Crypto Assets regulation (MiCA), citing “technical issues.” The members of the European Parliament should give their votes on MiCA at some point in April.