Commission launches European Regulatory Sandbox for Blockchain
Blockchain - Image by Gerd Altmann from Pixabay
(BRUSSELS) - The European Commission launched Tuesday a regulatory sandbox for innovative use cases involving Distributed Ledger Technologies (DLT).
Sandboxes are controlled environments where companies can test their products and services while engaging with relevant regulators. This 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.
Running from 2023 to 2026, the Sandbox will support 20 projects annually, including public sector use cases on the European Blockchain Services Infrastructure (EBSI) – a multi-country project under the Digital Decade supported by the Commission, all Member States, Norway and Liechtenstein. The first call will be open until 14 April 2023.
The Sandbox is open to companies from all industry sectors and public entities for projects beyond a proof-of-concept stage and already close-to-market or at an early stage of being operational, involving amongst other technologies the use of Distributed Ledger Technologies (DLT).
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.
More information on the Sandbox and information for interested parties can be found on this website and a Q&A. Application forms can be found here.