European Commission reveals plans for a blockchain regulatory sandbox

by Gabriel Rizza Ferraz

The European Commission in cooperation with the European Blockchain Partnership (EBP) has announced plans to establish a pan-European regulatory sandbox for blockchain that is expected to become operational in 2021/2022. The EU supports a unified legal framework to avoid legal and regulatory fragmentation and increase investments and consumer protection.

The European Commission announced plans for creating a regulatory sandbox of financial supervisors in the EU for using blockchain in the trading of securities along with other legislative proposals to update financial market rules for crypto-assets.

The 30 member countries of the EBP cooperate to establish a European Blockchain Services Infrastructure (EBSI). The sandbox will use cases in the EBSI and outside of the EBSI to run tests on innovative solutions for data portability, smart contracts and digital identity.

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About the Author

Gabriel Rizza Ferraz is Policy Analyst at the Brazilian Micro and Small Business Support Service