EC launches a blockchain regulatory sandbox to support 20 projects each year through 2026

​ 

The sandbox will allow public and private sector projects to be matched up with the appropriate regulators for consultations and assessments. News Collect this article as a NFT. The European Commission launched the European Blockchain Regulatory Sandbox in February 2015. The sandbox will allow for regulatory dialogue for 20 projects per annum through 2026. It was launched by the European Commission on February 15. The Digital Europe Programme will provide funding. An independent panel of academic experts will select projects based on competitive criteria from both public and private sector use cases for “Blockchain” and other Distributed Ledger Technologies. The applicants will be given consideration for public sector projects that are part of the European Blockchain Services Infrastructure (EBSI). The EBSI is a paneuropean blockchain that is managed by a partnership between the EU countries and Norway and Lichtenstein. The annual sandbox cohort members will be matched up with regulators from the European Union and national governments to receive confidential legal advice. Regulators will also have the chance to learn about new blockchain technology. April 14th is the deadline to apply for the first cohort. The first cohort of projects must have a proof-of-concept that has been validated according to specifications. They must also have a cross border dimension. With our consulting arm OXYGY, today we announce, together with the @EU_Commission, that applications are now open for the first cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators @EuropeanSandbox:#blockchain #sandbox https://t.co/ZNbjUCTubp pic.twitter.com/PtdS0oBS8p– Bird & Bird (@twobirds) February 14, 2023
Priority will be given to projects already selected by public officials for deployment. Companies should be based within the European Economic Area (EEA). These companies can work in consortium with companies from outside the EEA as long as they are the beneficiaries of the project. Participants will not receive reimbursements for expenses. The selected projects will be subject to a written legal assessment and two virtual meetings with regulators. The EBSI Early Adopters program is accepting applications for its third cohort. A similar sandbox program was also proposed by United States Representative Patrick McHenry’s Financial Services Innovation bill. The United Kingdom could also receive a similar sandbox program during the next round in its financial services reforms.