YEREVAN (CoinChapter.com) — The European Blockchain Sandbox Initiative (EBSI) has welcomed 41 regulators from 22 countries in the European Union (EU) and European Economic Area (EEA). This expansion is part of the second cohort of the initiative, designed to promote blockchain innovation and improve regulatory collaboration.
European Blockchain Sandbox Welcomes 41 Regulators
On Sep. 30, the European Blockchain Sandbox Initiative announced that 41 regulators from 22 countries had joined the initiative. These countries include France, Germany, Italy, Spain, Bulgaria, Norway, and Lithuania, among others. By involving such a diverse group of authorities, the initiative aims to establish a unified approach to blockchain regulation across Europe.
Additionally, the regulators will actively engage in discussions focused on identifying and resolving legal and regulatory challenges surrounding distributed ledger technology (DLT) and blockchain. Through this collaboration, they will bring much-needed clarity to existing regulatory frameworks, enabling new blockchain projects to navigate their legal environments more effectively.
Supporting Distributed Ledger Technology Projects
The European Blockchain Sandbox was established to support the development of distributed ledger technology (DLT). In addition, the initiative offers blockchain projects a chance to interact directly with regulators to resolve legal challenges. It also helps regulators understand blockchain technology better, offering a practical framework for them to work with.
European Blockchain Sandbox Overview. Source: European Commission
The European Commission highlights that the sandbox helps regulators learn directly from real-world use cases. Subsequently, they gain valuable experience with decentralized technologies through this process. Each year, the initiative selects up to 20 projects to receive regulatory guidance and legal advice. Law firm Bird & Bird provides this assistance. Furthermore, the selection process focuses on project maturity and alignment with EU policy goals.
In addition, the sandbox fosters an environment where legal advice and regulatory concerns are addressed in a safe and confidential space. As a result, blockchain innovators and regulators collaborate closely to solve legal challenges within the growing blockchain ecosystem.
Projects Selected for Second Cohort
Notably, several blockchain projects joined the second cohort of the European Blockchain Sandbox. Among them, Iota leads the way as a distributed ledger project. It focuses on identity solutions for decentralized finance (DeFi) and Web3.
Iota highlights the importance of its participation in the sandbox, emphasizing its role in advancing discussions about Know Your Customer (KYC) requirements. Furthermore, the project addresses privacy concerns within decentralized environments. By joining this initiative, Iota opens the door to further collaboration with regulators, ensuring that privacy and KYC protocols evolve together.
List of Selected Participants in the European Blockchain Sandbox. Source: European Commission
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