The European Commission’s regulatory sandbox aims to bring public and private sector projects together with regulators to engage in dialogue.
On February 15, the European Commission announced the launch of the European Blockchain Regulatory Sandbox. This sandbox provides a venue for regulatory dialogues for 20 projects annually through 2026.
First announced in 2020, this sandbox is backed by a number of private companies that won multiple tenders in 2022. This is financed by the Digital Europe Programme. Projects are selected by an independent panel of academic experts based on use cases related to “Blockchain and Other Distributed Ledger Technologies” for the public and private sectors.
Projects from the public sector on the European Blockchain Services Infrastructure (EBSI) are also considered among the applicants. The EBSI is a European blockchain based on a partnership between the EU countries with Norway and Liechtenstein.
Annual Sandbox Participants
Annual Sandbox participants are put in touch with national and EU regulators, providing them with confidential legal advice and regulatory guidance. Regulators, on the other hand, have the opportunity to familiarize themselves with new blockchain technologies.
The application deadline for the first project group is April 14th. Projects must be able to show proof of concept that adheres to the specifications and is also dimensioned across borders.
Projects that have already been selected for assignments are given priority. The companies must have their headquarters in the European Economic Area. Companies can also collaborate with other companies outside the European Economic Area as long as the beneficiary of the project is the company based in the European Economic Area. Participants’ expenses will not be reimbursed.
Selected projects will receive a written, legal evaluation as well as two virtual meetings with participating regulatory authorities. The EBSI Early Adopters incubator program is also accepting applications for its third cohort.
Thus article is originally published on de.cointelegraph.com