Introduction
The European Commission has introduced the first batch of blockchain use cases in Europe’s regulatory sandbox, bridging the regulatory gap between European nations and crypto companies. The initiative aims to foster dialogue between regulators, crypto projects, and public authorities, allowing use case developers to receive legal guidance. Bird & Bird, a British law firm, will set up a “safe interface” between developers and regulators, providing legal advice and regulatory guidance.
Key Points
– 20 projects have been selected in the first cohort, spanning finance and capital markets, telecoms and IT, global trade, transportation, and cross-sectoral projects.
– The projects are spread across Western Europe, Southern Europe, Nordics and Central Europe, and Eastern Europe.
– The regulatory sandbox will enhance supervisors’ knowledge of cutting-edge technologies involving DLT.
– Lessons learned will be shared between regulators to identify best practices.
– The sandbox will work in conjunction with the EU Digital Finance Platform and the Artificial Intelligence Sandboxes.
Closing
The introduction of blockchain use cases in Europe’s regulatory sandbox is a significant step in bridging the regulatory gap in the crypto industry. By fostering dialogue between regulators and crypto projects, the initiative aims to provide legal guidance and promote best practices. With the integration of other frameworks, such as the EU Digital Finance Platform and the Artificial Intelligence Sandboxes, the regulatory sandbox will address the increasing convergence of innovative technologies. This initiative will continue to select new projects every year, further promoting the growth and adoption of blockchain technology in Europe.
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