The European Commission, together with the alliance of 30 countries called the European Blockchain Partnership (EBP), plans to launch a pan-European blockchain regulatory sandbox by 2022.
Through an update to the official webpage of the Commission’s Digital Innovation and Blockchain team on September 23, the European Commission will work with EBP on the sandbox to test use cases of blockchain and digital assets. in the European Blockchain Services Infrastructure, or EBSI. EBSI is a joint initiative of the European Commission and EBP which aims to provide cross-border digital public services across the EU using blockchain technology.
Apart from EBSI, the sandbox would also test use cases such as data portability, smart contracts and digital identity in sectors such as health, environment, mobility and energy.
The Digital Innovation and Blockchain team also mentioned that the commission is paying particular attention to developing a regulatory framework that will support the digitization of assets through tokenization and also smart contracts.
This comes just a week after reports of the European Union’s plans to establish a regulatory framework by 2024 to promote the adoption of blockchain and digital assets in the financial sector.
In March of this year, Cointelegraph also reported that France’s market regulator, the Autorité des Marchés Financiers – or AMF – was considering a regulatory sandbox for the European Union to study the impact of security tokens.