EU's blockchain sandbox unveils groundbreaking use cases, fostering regulatory collaboration and bridging the gap between crypto projects and regulators
The long-awaited debut of the European Union's regulatory sandbox for blockchain technology has finally arrived. On July 3, the first batch of 20 blockchain use cases was formally introduced, following a rigorous selection process that saw nearly 90 applications received in April.
Initially announced in 2020, this initiative aims to bridge the regulatory gap between European nations and crypto companies by providing legal advice and regulatory guidance.
The European Commission, responsible for overseeing the sandbox, announced that 20 projects had been chosen for the first cohort. These projects represent various sectors, including finance and capital markets, telecoms and information technology, global trade, transportation, and cross-sectoral collaborations.
The selected projects are spread across five European regions, with Western Europe leading the group with 14 use cases. Southern Europe follows closely with ten projects, while the Nordics, Central Europe, and Eastern Europe have eight and seven projects, respectively.