Wednesday 25 May 2022
Home / Aave / The European Commission is looking for blockchain regulatory sandbox operator

The European Commission is looking for blockchain regulatory sandbox operator

On Monday, March 14, the European Blockchain Observatory announced a call for tenders to contract a consortium, the mission of which would be to facilitate and operate a pan-European regulatory sandbox for distributed ledger technologies, or DLT, and blockchain, in particular.

A major task for the future consortium will be to provide “comprehensive legal advice” concerning the operation of the core services of the European Blockchain Services Infrastructure (EBSI).

The regulatory sandbox is envisaged as a space where regulators, blockchain enterprises and users will interact “in a trusted environment.” In addition to already existing EBSI projects, it will host a broad range of prospective blockchain applications across key industry sectors, with a necessary condition for such projects to complete a proof of concept.

As the release goes, the ultimate goal of the sandbox is “to foster a dialogue between national and EU-level regulators and lawmakers with companies and thus remove legal uncertainties for use cases based on decentralized solutions”.

The plans to create a regulatory sandbox for blockchain technology were announced by the European Commission and the European Blockchain Partnership (EBP) back in 2020.

According to the release, four EBSI-hosted use cases are already at an advanced development stage, with three additional use cases recently selected for deployment.

The news comes along with an announcement of the European Blockchain Observatory working on a revised version of the report on the latest developments in the EU blockchain ecosystem.

About Sean Patterson

Check Also

WEF 2022: Ripple CEO reveals he visited SEC several times before lawsuit struck

Brad Garlinghouse, the CEO of cross-border payments company Ripple, spoke during a panel discussion Monday at the World Economic Forum in Davos, Switzerland. Garlinghouse, who also occupies a role as a member of the company’s board of directors, commented on a wide range of topics, most notably the current status of regulation in the United States versus G20 nations. Ripple CEO Brad Garlinghouse. Source: CointelegraphEmphasising the prudent necessity for regulatory frameworks which serve integral principles of “clarity and certainty", Garlinghouse stated his belief that: “The overwhelming majority of people working within the crypto industry are good actors that want to do right by regulators. But when the rules of the road aren’t clear, it’s very difficult to manage within that.”Later in the conversation, Garlinghouse revealed that he personally went to the U.S. Securities and Exchange Commission (SEC) office "four or five times in the years leading up to their decision to file a law..

Leave a Reply

Your email address will not be published. Required fields are marked *