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EU Now Accepting Applications for Its Blockchain Regulatory Sandbox
The sandbox, which will run for the next three years, is open to "companies from all industry sectors" and public entities, with priority given to more mature projects.
Updated Feb 15, 2023, 5:59 p.m. Published Feb 15, 2023, 11:18 a.m. 1 min read
The European Union's executive arm on Tuesday launched a regulatory sandbox for innovative applications of distributed ledger technologies (DLT) that underline crypto.
The European Commission's blockchain regulatory sandbox, or testing environment, 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," an official announcement said.
The initiative is part of a EU funding program to bring businesses, citizens and public administrations to the digital age. The bloc is also exploring how DLT-based solutions could help cut out intermediaries in securities trading, with a pilot due to begin in March.
The DLT sandbox will run until 2026 and will annually support 20 projects involving blockchain applications for public and private sector use "to verify information and make services trustworthy."
The first call for applications is open until April 14, with a panel of independent academic experts selecting projects for the first cohort. The sandbox is open to "companies from all industry sectors" as well as public entities.
"Priority will be given to more mature use cases where legal and regulatory questions of broader relevance arise," the announcement said.
Read more: EU Rules for Distributed Ledger Financial Trading Finalized Ahead of March Pilot
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The European Commission is seeking feedback on whether the EU’s landmark crypto regulatory framework remains suitable as digital asset markets and global policies evolve.
What to know:
- The European Commission has commenced a consultation on the functioning of the EU’s MiCA crypto framework.
- Officials are assessing whether the rules, enacted in 2023, need updating as digital asset markets and global regulation evolve.
- Feedback from industry participants and the public will help shape future EU crypto policy.
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