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The European Blockchain Sandbox, a platform encouraging dialogue between regulators and blockchain developers, saw a tidal wave of interest, with nearly 90 apps from the international blockchain community for its first dataset, building “critical bridges between regulators and use case owners”.
The blockchain initiative Sandbox Project, sponsored by the Digital Europe program, was created in 2023 and aims to show how regulatory issues associated with the deployment of blockchain and DLT solutions could be addressed to improve crypto regulation within the EU:
“(This) confirmed the blockchain ecosystem’s strong interest in the project as a step to building critical bridges between regulators and use case owners on a cross-industry basis and in cross-border dialogue.”
Under the careful scrutiny of blockchain experts at WBNoDE and the watchful eye of an independent academic body, the initial cohort selection process unfolded and showed different types of blockchain use cases.
The European Blockchain Service Infrastructure has already had a use case approved by the EBP and intended to be included in the category of public entities. Official, publicly available selection criteria guided the selection of the remaining 19 use cases.
The Sandbox project team matched the chosen use cases with the appropriate national and European regulators, hoping that the results of this matching procedure will shape the final selection of the first cohort of 20 use cases. The dialogues facilitated by the EU Blockchain Sandbox will take place in a secure and confidential environment, and a report will follow soon.
Running from 2023 to 2026, the European Blockchain Sandbox intends to offer a comprehensive European framework for regulatory discussions, in turn bringing legal certainty to blockchain innovations. Each year, Project Sandbox plans to support 20 projects, including public sector use cases for the European Blockchain Service Infrastructure.
