The European Commission is launching a regulatory sandbox to foster innovative blockchain use cases.(source).
Such sandboxes are legal terminology for regulatory exemptions that allow select use cases of emerging technologies to be trialled.
Up to 20 projects a year will be sanctioned by the Commission's sandbox programme, following an open call for expressions of interest. The ledgers will be powered by European Blockchain Services Infrastructure, a pan-European network of blockchain nodes.
The sandbox will be funded by the commission's Digital Europe Programme and is expected to last for a three-year tenure: from 2023 to 2026. It will accept applications from projects "beyond a proof-of-concept stage and already close-to-market or at an early stage of being operational."
A prize will be awarded to each cohort's most innovative use case, facilitated by a consortium led by global law firm Bird & Bird and including its consulting arm OXYGY, decentralised economy consultancy WBNodDE, and web design firm Spindox.
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