EU blockchain sandbox unveils first 20 use cases after wave of applications

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The first batch of blockchain use cases to debut in European regulatory sandboxes was officially launched on July 3 after receiving nearly 90 submissions in April after a long wait. The initiative, first unveiled in 2020, aims to bridge the regulatory gap between European countries and cryptocurrency companies.

according to In a report to the European Commission, an initial cohort of 20 projects was selected, led by groups of companies from financial and capital markets, telecommunications and IT, global trade, transport and cross-sectoral projects.

The projects span five European regions: Western Europe with 14 use cases, Southern Europe with 10 projects, Northern Europe and Central Europe with 8 projects each, and Eastern Europe with 7 projects.

Plans to establish a regulatory sandbox for blockchain technology were announced by the European Commission and the European Blockchain Partnership (EBP) in 2020. According to the European Commission, its goal is to facilitate dialogue between regulators, cryptocurrency projects and public authorities.

“In these dialogues, use case developers can present their business cases and receive legal guidance from regulators,” the Commission said.

Also behind the effort is British law firm Bird & Bird, with offices in Europe, Asia, the Americas and the Middle East. It establishes a “secure interface between developers and regulators” and is responsible for providing legal advice and regulatory guidance to projects.

“The sandbox will enable supervisors to increase their knowledge of the state-of-the-art technologies involved in DLT,” the statement said, with lessons learned shared among regulators and the commission identifying best practices. added that it helps to

Regulatory sandboxes are supported by other frameworks, especially EU Digital Finance Platform An artificial intelligence sandbox implemented based on AI law. According to the commission, integration is critical given the “increasing convergence of innovative technologies in use cases that often involve multiple industry sectors.”

The application deadline for the first group of proposals, intended for blockchain projects with valid proof-of-concept and cross-border elements, closed on April 14th. The initiative will select a new project each year until 2026.

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