1 year ago
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Improving legal certainty
The European Commission announced today that it has identified 20 use cases that will be the first targets of its “European Blockchain Sandbox” initiative.
The goal of this effort is to facilitate dialogue between blockchain projects and regulators. Although the names of all the selected projects have not yet been announced, the target industries have been announced. “Financial/capital markets” and “communications/IT” were the most frequently selected industries. The total number of industries described in the image below exceeds 20, but the announcement explains that “many of the use cases span industries.”
Source: Announcement
What is Sandbox?
A sandbox like this one is generally a system that temporarily suspends current laws and regulations for a limited area or for a limited period of time for the purpose of commercializing new technologies and services. In some cases, innovative products, services and business models can be tested under regulatory oversight. The aim is to relax regulations to a limited extent and lead to innovation.
Cryptocurrency Glossary
The sandbox system also aims to improve legal certainty for innovative blockchain solutions. It is explained that the selected projects have the advantage of being able to receive legal advice from regulatory bodies, while the regulatory bodies have the advantage of being able to learn new technologies.
The implementation period is from 2023 to 2026. And it is decided that 20 projects will be selected each year. About 90 applications have been received this time, the first, the European Commission said.
In addition to the above, there are many projects related to international trade, politics, and transportation. In addition, a wide range of industries were selected, including sports, e-sports, fashion, music, and real estate.
connection: EU officially approves comprehensive cryptocurrency regulation draft MiCA, to enter into force in stages
Future trend
Currently, matching with the authorities is underway, selecting the most relevant regulatory areas for the selected projects. After this matching is completed, the 20 selected projects will be announced and dialogue will begin.
This dialogue will be conducted confidentially. The report will be published for the broader blockchain community after the dialogue is concluded.
In this announcement, only one selected project was introduced, including “European Blockchain Services Infrastructure”. In this way, public organizations are also elected in this sandbox system.
connection:Europe connected by blockchain, EBSI aiming to provide public services throughout Europe
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