The European Blockchain Sandbox has been launched – applications are now open for the first cohort!
On 28, 02 2023 | No Comments | In Uncategorized | By Kadri Lensment
We are very excited to be involved in the initiative by the European Commission, helping to foster a dialogue between regulators and blockchain innovators. The European Commission in partnership with the consortium led by Bird & Bird and OXYGY have launched a pan-European sandbox for innovative use cases involving Distributed Ledger Technologies (DLT). FORT is covering the Baltic region.
It is a regulatory sandbox to provide a framework for regulators, supervising authorities and blockchain innovators to engage in a regulatory dialogue, identify obstacles from a legal & regulatory perspective in a safe and confidential environment. The three-year initiative will support 20 projects annually, starting in 2023, and is open to use cases across the EU/EEA based on any blockchain infrastructure. Companies (including start-ups and scale-ups) and public entities with a validated proof of concept are invited to participate.
Blockchain use cases will be selected based on a number of criteria, including the maturity of their business case, legal/regulatory relevance and their contribution to the EU’s wider policy priorities. Selected use cases will be matched with national and EU regulators. Further information about the selection criteria and the application process can be found on the European Commission´s website.
In addition to specialist legal and regulatory advice provided by the consortium led by Bird & Bird, blockchain companies participating in the sandbox will have the opportunity to discuss regulatory questions that are relevant for them in a safe and confidential environment with relevant regulators. Participating regulators and supervisors on the other hand, will have the opportunity to enhance their understanding of innovative blockchain solutions, discuss regulatory issues in a cross-border setting with other regulators, and contribute to the development of best practices at the intersection of innovation and regulation. Every year, the most innovative regulator participating in the sandbox will be awarded a prize.
Applications are now open for the first cohort of the European Blockchain Sandbox for blockchain/DLT innovators. Applications for the first cohort will remain open until 23.59 CET on 14 April 2023.
We are encouraging companies (including start-ups and scale-ups) and public entities from across the EU/EEA with innovative blockchain use cases to participate and be at the forefront of this dialogue.
If you are interested in becoming a participant in the Sandbox, please apply here.