European Commission to Roll Out Regulatory Sandbox to Trial Use Scenarios of Blockchain Technology
In partnership with 30-country consortium named the European Blockchain Partnership (EBP), the European Commission (EC) intends to roll out blockchain regulatory sandbox throughout Europe by 2022.
According to the amendment made on the official webpage of the EC’s Digital Innovation and Blockchain team, the EC will work in tandem with EBP on the sandbox to trial use scenarios of blockchain and digital assets in the European Blockchain Services Infrastructure (EBSI).
The EBSI is a collaborative effort between the European commission and EBP with an intention to pave way for trans-border digital public services throughout the EU with blockchain technology as the core.
In addition to EBSI, the sandbox would also trial use scenarios, for example in data portability, digital identity in mobility, heath, environment and energy industry, and smart contracts.
The Digital Innovation and Blockchain team also stated that the commission was giving special care to build a governing infrastructure that will back the digitization of assets via tokenization and also smart contracts.
The development has come just a week after news reports indicated that the European Union intends to setup a supervisory infrastructure by 2024 to foster the promotion of blockchain and digital assets in financial industry.
Earlier in March, the French market regulator, the Autorité des Marchés Financiers (AMF) was looking at regulatory sandbox for the EU to examine the effect of security tokens.